APO - Michaels Companies confirms it will be bought by Apollo

The Michaels Companies ([[MIK]]) confirms that it will take a buyout from Apollo Global Management (APO) at $22 per share in a transaction valued at $5.0B. The purchase price represents a 47% premium to the closing stock price on February 26, which was the last trading day prior to press speculation about a potential transaction involving Michaels, and a 78% premium to the 90-day volume-weighted average price. "The company's impressive growth transformation, including our financial and operational performance in the unprecedented environment of the pandemic, led to an unsolicited offer to buy the company,” says Michaels Chairman James Quella.Source: Press ReleaseThe deal has been speculated over for a few days.

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Michaels Companies confirms it will be bought by Apollo