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.