Arts and crafts retailer Michaels Companies has agreed to be bought by the private equity firm Apollo Global Management.Under the terms of the agreement, Apollo will acquire all outstanding shares of Michaels stock at $22 per share.
Reusable shopping bags are displayed beneath a checkout counter at a Michaels craft store in Cincinnati, Ohio.said Wednesday it agreed to be bought by the private equity firm Apollo Global Management in a deal valued at $5 billion. Apollo will acquire all outstanding Michaels stock for $22 per share. That represents a 47% premium to the closing price on Friday, the day before speculation of the deal was publicized in the media. The equity value of the deal is $3.3 billion.Michaels shares soared more than 9% in premarket trading. Its stock is up more than 366% over the past 12 months, as of Tuesday's market close. Michaels has a market cap of $2.66 billion.
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