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Michaels signs a deal with Apollo to go private

New York state Texas city Irving, state Texas pandemic
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NEW YORK – Arts and crafts retailer Michaels is going private. The retail chain, based in Irving, Texas, said Wednesday that it has agreed to be acquired by Apollo Global Management Inc.

for a transaction valued at $5 billion. Under the terms of the agreement, approved by Michaels' board, Apollo will begin a tender offer to buy shares for $22 each in cash.

The purchase price represents a 47% premium to the closing stock price on Feb. 26, the last trading day prior to the media speculation about the potential deal.

In midday trading, shares rose 23%, or $4.17, to $22.19. “The company’s impressive growth transformation, including our financial and operational performance in the unprecedented environment of the pandemic, led to an unsolicited

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COVID-19
United States
United States
Cases: 46 252 513
Deaths: 750 423
Recovered: 0
India
India
Cases: 34 321 025
Deaths: 459 652
Recovered: 0
Brazil
Brazil
Cases: 21 835 785
Deaths: 608 235
Recovered: 0
United Kingdom
United Kingdom
Cases: 9 215 683
Deaths: 141 607
Recovered: 0
Russia
Russia
Cases: 8 494 589
Deaths: 237 619
Recovered: 0
Detail statistic
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