Retail

Crafts retailer Michaels will go private in $3.3 billion deal

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Reusable shopping bags are displayed beneath a checkout counter at a Michaels craft store in Cincinnati, Ohio.

Luke Sharrett | Bloomberg | Getty Images

Arts and crafts retailer Michaels said Wednesday it agreed to be taken private in a $3.3 billion deal with Apollo Global Management.

Apollo will acquire all outstanding Michaels stock for $22 per share in a tender offer. That represents a 47% premium to the closing price on Friday, the day before speculation of the deal was publicized in the media. The companies value the transaction at $5 billion.

Michaels said the terms of the deal were unanimously approved by its board.

The companies said that there will be a 25-day “go-shop” period,…



Source cnbc.com

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