CITY OF COMMERCE, Calif. — Dollar-store chain 99 Cents Only here said Friday it has received an acquisition offer from two investment groups to take the company private.
Members of the Schiffer/Gold family, together with Los Angles-based investment firm Leonard Green & Partners — which also has investments in Whole Foods Market and BJ’s Wholesale Club — have offered $19.09 per share for 99 Cents Only, which has a market capitalization of about $1.4 billion. Its shares shot up to nearly $20 Friday after the offer was announced.
The Schiffer/Gold family already owns approximately 33% of the company's outstanding common stock, the company said.
Founded in 1982, 99 Cents Only currently operates 283 stores, including 210 in California, 34 in Texas, 27 in Arizona and 12 in Nevada.
