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.
Click here for the story from The New York Post.