Private-equity firm Ares Capital Management has bid to buy 99 Cents Only Stores, The New York Post reports. Leonard Green & Partners is also among bidders for the deep-discount chain. Ares made a binding offer of around $22 a share, or approximately $1.55 billion, while Leonard Green’s offered about $20 a share, or $1.41 billion. Apollo Global Management was also interested in buying the chain, but withdrew several weeks ago as it could not arrange debt financing on acceptable terms.
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