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Crocs Inc (CROX.O) announced today that Blackstone Group LP (BX.N) is making a $200 million investment that will give the private equity firm a 13 percent stake in the shoe company.

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Crocs to Receive $200 Million from Blackstone, CEO to Retire

Crocs Inc (CROX.O) announced today that Blackstone Group LP (BX.N) is making a $200 million investment that will give the private equity firm a 13 percent stake in the shoe company.

Crocs to Receive $200 Million from Blackstone, CEO to Retire (Reuters)

Crocs Inc (CROX.O) announced today that Blackstone Group LP (BX.N) is making a $200 million investment that will give the private equity firm a 13 percent stake in the shoe company. In return for the $200 million, Blackstone will receive preferred stock that it can convert to common stock in three years under certain conditions. Blackstone also receive two board seats. The preferred stock will have a 6 percent cash dividend rate and is convertible into shares of common stock at a conversion price of $14.50 per share. The shoemaker also announced late on Sunday that the company’s Chief Executive John McCarvel plans to retire in April and will give up his seat on Crocs’ board of directors.

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Written By

Paul Dykewicz is the editorial director of the Financial Publications Group at Eagle Publishing Inc., www.eaglepub.com, of Washington, D.C. Eagle publishes five free, e-letters, 10 weekly trading services and five monthly investment newsletters, Forecasts & Strategies, Successful Investing, Cash Machine, Growth & Dividend Report and The Alpha Investor Letter. He also is the editor of Eagle Daily Investor and the author of the inspirational book, "Holy Smokes! Golden Guidance from Notre Dame's Championship Chaplain."

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archive

Crocs to Receive $200 Million from Blackstone, CEO to Retire

Crocs to Receive $200 Million from Blackstone, CEO to Retire (Reuters)

Crocs Inc (CROX.O) announced today that Blackstone Group LP (BX.N) is making a $200 million investment that will give the private equity firm a 13 percent stake in the shoe company. In return for the $200 million, Blackstone will receive preferred stock that it can convert to common stock in three years under certain conditions. Blackstone also receive two board seats. The preferred stock will have a 6 percent cash dividend rate and is convertible into shares of common stock at a conversion price of $14.50 per share. The shoemaker also announced late on Sunday that the company’s Chief Executive John McCarvel plans to retire in April and will give up his seat on Crocs’ board of directors.

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