Apollo May Be Interested in 99 Cents Only

SN STAFF

LOS ANGELES — Apollo Management, the New York-based investment group that sold its stake in Smart & Final earlier this year, is reportedly interested in making a bid for 99 Cents Only Stores here.

The 285-unit chain had indicated earlier this year it was negotiating with Leonard Green & Partners here to take the chain private for an investment of $1.3 billion, or $19.09 per share. About one-third of the company's shares are held by the Schiffer and Gold families.

However, with Apollo's possible interest, the company is reportedly looking for the highest bidder, with a mid-September deadline set for bids, according to published reports.