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Arts And Crafts Store Michaels Goes Private In $5 Billion Deal

Written by on 3 Mar 2021

Texas based arts and crafts retailer Michaels agreed to be taken private in a $3.3 billion deal with Apollo Global Management, says Dallas Morning News.

Apollo will acquire all outstanding Michaels stock for $22 per share in a tender offer. That represents a 47% premium to the closing price on Friday.

This was a day before speculation of the deal was publicized in the media. The companies value the transaction at $5 billion.

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