99 Cents Only Accepts $1.6B Buyout

CITY OF COMMERCE, Calif. — 99 Cents Only Stores here said Tuesday that it has agreed to be acquired by a consortium of private investors led by Ares Management and the Canada Pension Plan Investment Board, along with its family majority owners.

The cash offer of $22 per share, or $1.6 billion, trumps a $1.4 billion buyout offer proposed in March by the Schiffer/Gold family and Leonard Green & Partners. That offer resulted in the formation of a special committee

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