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Published: Wednesday, 10/12/2011

Discounter reports $1.6 billion buyout deal


NEW YORK — Discount retailer 99 Cents Only Stores Inc. said yesterday that it has a deal to be acquired by two investors for about $1.6 billion.

Affiliates of the investment firm Ares Management LLC and the Canada Pension Plan Investment Board have offered to buy the retailer's stock for $22 a share in cash, the retailer said in a statement. The retailer's shares closed yesterday at $21.39.

The deal is subject to approval by 99 Cents Only shareholders. The retailer's board recommends approval, and the deal is expected to close in the first quarter of next year.

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