The Canada Pension Plan Investment Board and asset manager Ares Management will acquire 99 Cents Only Stores in a $1.6 billion deal.
Stockholders of the value retailer will receive $22 per share in cash. This represents a 32 percent premium over the company’s March 10 closing price, the day before Leonard Green & Partners offered $19.09 per share to take over 99 Cents. The company’s founders, the Gold/Schiffer family, will maintain a significant minority share when the deal closes, expected in the first quarter of 2012.
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