99 Cents Only Stores agrees $1.6bn takeover offer

US bargain retailer 99 Cents Only Stores has agreed a takeover bid by a private equity firm and a Canadian pension agency worth $1.6bn (£1bn).

The company said the offer of $22 a share, made by Ares Management and the Canada Pension Plan Investment Board, represented "significant value" to shareholders.

The takeover should be completed during the first three months of next year.

The retailer operates almost 300 stores in the south and east of the US.

It first disclosed it had received a takeover offer in March this year, since when its shares have risen by about a third.

Analysts said the share price could continue to rise.

Read Full Article from BBC News

- Posted: 2011-10-11 15:04:46

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