99 Cents Only Accepts $1.6B Private Buyout

CITY OF COMMERCE, Calif. 99 Cents Only Stores here said last week that it had 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.

CITY OF COMMERCE, Calif.99 Cents Only Stores here said last week that it had 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 & P

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