Teen apparel retailer Rue21 has revealed that it received no other offers for the company, with its sale to private equity firm Apax Partners likely to close by the end of the year.

The US$1.1bn acquisition, which was originally announced in May, will help Rue21 to expand its store portfolio and build an e-commerce platform.

Under the teams of the deal, Rue21 was allowed to evaluate and potentially enter into negotiations with any parties that made a better offer.

During the 40-day “go-shop” period, the Warrendale, Pennsylvania-based company contacted 60 potential buyers, resulting in negotiations and confidentiality agreements with six parties. However, none of them submitted alternative offers.

Shareholders will be entitled to receive $42.00 per share in cash upon completion of the deal, which is subject to customary closing conditions and shareholder approval.