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99 Cents Store Likely to be Sold for $1.6 Billion
Looks like all those pennies have added up to a profitable business plan: the 99 cent store announced today that it will likely be bought out for $1.6 billion, reports the AP.
The company, which is based on the City of Commerce and has 214 stores in California, received the offer from affiliates of the investment firm Ares Management LLC and the Canada Pension Plan Investment Board. The $1.6 billion comes from shares of the 99 Cents store being picked up at $22 each.
Members of the family that founded the stores, the Schiffer-Golds, support the deal, as does the 99 Cents store's board. The deal would allow the Schiffer-Golds to retain a minority stake in the company.
"I am pleased to announce this agreement as it delivers significant value to our shareholders," the company's CEO Eric Schiffer said in a statement on the company's website. "We have come to know and respect Ares Management and CPPIB through this process and we believe they will be excellent partners and help us achieve our long term goals as a company."
The purchase still has to be approved by shareholders. If the deal goes through, it will likely take effect as soon as the first quarter of 2012.
Southern California's Snow-Capped Mountains Are Beautiful. Here's Where To Maximize The View (And Snap A Great Picture)It's been many, many years since we saw this much snow in our mountains. Going up there right now isn't safe, but here are some places where you can enjoy the view and snap a pic.
April Valentine died at Centinela Hospital. Her daughter was born by emergency C-section. She'd gone into the pregnancy with a plan, knowing Black mothers like herself were at higher risk.
A look at years past when snows creeped into our citified neighborhoods, away from the mountains and foothills.
In the face of a drier future, that iconic piece of Americana is on its way out in Southern California.
Another Missing Hiker Has Been Found Dead In San Gabriels As Search For Actor Julian Sands ContinuesBob Gregory, 62, went missing the same day as Sands. His body was recovered near Mount Islip.