Proskauer Guides Ares In $1.6B Buy Of 99 Cents Only

Law360, New York (October 11, 2011, 12:07 PM EDT) -- Discount retailer 99 Cents Only Stores said Tuesday it would be taken private by Ares Management LLC and the Canada Pension Plan Investment Board for $22 per share, or $1.6 billion, with the buyers planning an expansion of the California-based company.

The retailer's current majority shareholders, the families of CEO Eric Schiffer and Chief Operating Officer David Gold, said they had been considering the deal since March, when their suitors first offered $19.09 per share for the company, which has 285 stores, most of them in...
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