BJ's Weighs Putting Self Up For Sale; Shares Surge
Warehouse club operator BJ's Wholesale Club says it is considering selling itself.
The company based in Natick, Mass., said Thursday that it is evaluating its strategic options and has hired Morgan Stanley as its financial adviser.
BJ's has been rumored as a possible takeover target since July, when Leonard Green & Partners LP bought a 9.5 percent stake. The private equity firm has reportedly expressed interest in purchasing the company.
BJ's said it has not made a decision to pursue any specific deal or other strategic option. There is no guarantee the company's evaluation process will result in a sale and no timetable has been set for the process.
BJ's has 189 warehouse clubs in 15 states.
Shares jumped more than 12 percent in premarket trading.