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Michaels makes a deal with Apollo to go private

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NEW YORK (AP) – Crafts and Crafts Retail Michaels goes private.

The retailer, based in Irving, Texas, said Wednesday it had agreed to acquire Apollo Global Management Inc. for a $ 5 billion deal.

Under the terms of the deal, approved by the Michaels Council, Apollo will launch a bidding to buy shares for $ 22 in cash each. The purchase price represents a 47% premium on the closed share price on February 26, the last trading day before the media speculation about a potential deal.

Shares rose 23%, or $ 4.17, to $ 22.19 during midday trading.

“The dramatic transformation of the company’s growth, including our financial and operational results in the unprecedented conditions of the epidemic, led to an unwanted offer to buy the company,” said Michaels Cos. Chairman of the Board James Ames Cuela.

The company’s executives said that increasingly private, Michaels will have the financial flexibility to invest, improve its online retail business.

Andrew S. Ha Avar, Apollo ղեկավար և ղեկավար խմբի ղեկավար ղեկավար:::::::::::::::::::::::::::::::::::::

The deal includes a 25-day in-store period that allows Michaels to ask և evaluate other offers և stop the deal for a better offer. UBS acts as the Company’s exclusive financial advisor.

The company operates more than 1,275 Michaels stores in 49 states և Canada.

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