Los Angeles-based private equity group, Leonard Green & Partners, is partnering with the founders of 99 Cents Only Stores to make a $1.34 billion offer to take the retailer private, Financial Times reports. The Schiffer-Gold family, which owns about 33% the company, has partnered with Leonard Green to place a $19.09 per share bid. FBR Capital Markets, which owns 5.4% of 99 Cents Only’s shares, considers the proposal to be substantially undervalued. The company expects to set up a special committee of independent directors to consider the proposal.
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