Arts And Crafts Store Michaels Goes Private In $5 Billion Deal
Written by IMN 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.