154 days ago • Posted by William Ramstein

Apollo will take Michaels private, Michaels surges 22%

Arts and crafts retailer Michaels MIK +22.78% Cos. is going private in a deal that values the company at more than $3 billion. Private-equity firm Apollo Global Management Inc. APO +1.26% is buying the retailer in a deal valuing Michaels at $3.3 billion. Apollo will offer to buy Michaels’s outstanding shares for $22 a share as part of the deal. The companies said the offer is a 47% premium to where shares closed Feb. 26, the day before there was deal speculation. Source; WSJ