Giraffe Acquisition Corporation, a corporation controlled by Bain Capital, has commenced a previously-announced tender offer for all of the outstanding shares of common stock of children's wear company Gymboree.

The share purchase is at a price of $65.40 per share, net to the seller in cash without interest.

Gymboree and Bain Capital announced that the company and affiliates of Bain Capital had entered into a merger agreement earlier this moth.

Completion of the transaction is still subject to the satisfaction of the minimum tender condition of at least 66% of the company's common shares, a statement added. The tender offer and withdrawal rights are scheduled to expire at 11:59 pm, New York City time, on Monday 22 November 2010.

Gymboree's board has unanimously determined that the tender offer and the merger are in the best interests of the stockholders and approved the merger agreement. If the tender offer is successfully completed, the company expects the transaction to close by year end.