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Party City announces plan to acquire Mass. rival in $35M deal

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Retailer Party City, of Rockaway, announced Friday it will acquire iParty Corp., of Dedham, Mass., in a deal valued at approximately $35 million.

According to an announcement, Party City will acquire iParty for 45 cents per share of iParty common stock and the greater of liquidation preference or conversion value for each share of iParty preferred stock, in cash. The price represents a 200 percent premium over iParty's Feb. 28 closing price.

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