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99 Cents Only Stores gets buyout offer from founders, Leonard Green
City of Commerce, Calif. — Discount store retailer 99 Cents Only Stores has received a proposal to take the company private from the company's founding family and investment firm Leonard Green & Partners LP for $19.09 per share, the Associated Press reported.
The offer would value the company at about $1.3 billion. According to 99 Cents, the purchasers would include the Schiffer-Gold family, which owns about 33% of its outstanding stock. David Gold is company founder and chairman, and his son-in-law Eric Schiffer is CEO.
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Recognizing the value of a dollar store
CITY OF COMMERCE, Calif. — First it was Family Dollar, now 99 Cents Only Stores finds itself in buyout talks, as investors are seeing the value in discount store chains.
The company has received a proposal to take the company private from the company's founding family and investment firm Leonard Green & Partners LP for $19.09 per share, the Associated Press reported.