Business > Art

Michaels signs a deal with Apollo to go private

1 month ago   |   By My Sanantonio

NEW YORK - Arts and crafts retailer Michaels is going private.
The retail chain, based in Irving, Texas, said Wednesday that it has agreed to be acquired by Apollo Global Management Inc. for a transaction valued at $5 billion.
Under the terms of the agreement, approved by Michaels' board, Apollo will begin a tender offer to buy shares for $22 each in cash. The purchase price represents a 47% premium to the closing stock price on Feb. 26, the last trading day prior to the media speculation about the potential deal.
In midday trading, shares rose 23%, or $4.17, to $22.19.
“The company's...
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Crafts retailer Michaels to be acquired by Apollo for $3.3 billion

Crafts retailer Michaels to be acquired by Apollo for $3.3 billion

1 month ago   |   By New York Post

Arts-and-crafts retailer Michaels said it has agreed to be acquired by private equity giant Apollo Global Management in a deal that values the company at $3.3 billion. The going-private transaction values Michaels' outstanding stock at $22 a share, a 47 percent premium to the closing price on Feb. 26, the last trading day before the...
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Michaels Companies soars 22% after Apollo agrees to buy the crafts retailer for $3.3 billion

Michaels Companies soars 22% after Apollo agrees to buy the crafts retailer for $3.3 billion

1 month ago   |   By Business Insider

Summary List Placement
The Michaels Companies soared 22% on Wednesday after Apollo agreed to buy the arts and crafts retailer for $3.3 billion.
Apollo will launch a tender offer to acquire all outstanding shares of Michaels for $22.00 per share in cash.
As part of the deal, Michaels has a 25-day go shop period to see if it can get a higher bid from other interested buyers.
Sign up here for our daily newsletter, 10 Things Before the Opening Bell
The Michaels Companies soared 22% on Wednesday after funds managed by Apollo Global Management agreed to acquire the arts and crafts retailer for...
Read more ...

 

Michaels Companies soars 22% after Apollo agrees to buy the crafts retailer for $3.3 billion

Michaels Companies soars 22% after Apollo agrees to buy the crafts retailer for $3.3 billion

1 month ago   |   By Business Insider

Summary List Placement
The Michaels Companies soared 22% on Wednesday after Apollo agreed to buy the arts and crafts retailer for $3.3 billion.
Apollo will launch a tender offer to acquire all outstanding shares of Michaels for $22.00 per share in cash.
As part of the deal, Michaels has a 25-day go shop period to see if it can get a higher bid from other interested buyers.
Sign up here for our daily newsletter, 10 Things Before the Opening Bell
The Michaels Companies soared 22% on Wednesday after funds managed by Apollo Global Management agreed to acquire the arts and crafts retailer for...
Read more ...

 


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