99 Cents Only Stores Inc. (NYSE:NDN) says it has a deal to be acquired by two investors for an estimated $1.6 billion.
The company claims that affiliates of the investment firm Ares Management LLC and the Canada Pension Investment Board have offered $22 per share in case.
That is a 7% premium to Monday's closing price and 32% more than the retailer's price before disclosing in March that it received a buyout proposal.
99 Cents only shareholders must approve the deal and the retailer's board is recommending approval.
99 Cents Only Stores is currently above its 50-day moving average (MA) of $18.62 and above its 200-day of $18.64.
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