Monday, August 21, 2006

Celebrate Express Hires Investment Banker, Looks At Sale

Kirkland, Washington-based Celebrate Express, an online retailer of birthday-related products, has hired an investment banker and is looking at a possible sale of the company. The firm said today that it has retained Cowen and Company LLC, an investment banker, to review the company's options to maximize shareholder value. The move comes in conjunction with the appointment of two board members, who had been in a proxy solicitation effort with Spencer Capital Management, which owns 19 percent of the firm to appoint three directors. The firm said in a statement that the group led by the two directors, Kenneth H. Shubin Stein, and Stephen Roseman, have agreed to terminate their proxy solicitation efforts as part of the appointment. Celebrate Express is listed on the Nasdaq as BDAY.