Ares Management, Others Complete 99-Cent Only Stores Acquisition
99-Cent Only Stores announced the completion of its acquisition by affiliates of Ares Management LLC, Canada Pension Plan Investment Board (CPPIB) and the Gold/Schiffer Family for $22.00 per share in cash. RBC Capital Markets, BMO Capital Markets and Deutsche Bank Securities provided committed financing for the transaction.
The transaction was approved by the affirmative vote of more than 82.46% of the outstanding shares of the company’s common stock at a special meeting of shareholders held on January 12, 2012. The company’s common stock will be delisted from the New York Stock Exchange.
Lazard Freres & Co. LLC acted as financial advisor to the Special Committee of the Company, and Morrison & Foerster LLP acted as the Special Committee’s legal counsel. Guggenheim Securities, LLC and Skadden, Arps, Slate, Meagher & Flom LLP acted as advisors to the Gold/Schiffer family. Proskauer Rose LLP acted as legal advisor to the acquirer and Ares, and Torys LLP acted as legal advisor to CPPIB. Munger, Tolles & Olson LLP acted as counsel to the Company.
Founded in 1982, 99-Cent Only Stores currently operates 292 extreme value retail stores consisting of 214 stores in California, 36 in Texas, 29 in Arizona and 13 in Nevada.
Ares Management LLC is a global alternative asset manager and investment adviser with approximately $47 billion of committed capital under management and approximately 480 employees as of December 31, 2011.
CPPIB is a professional investment management organization that invests the funds not needed by the Canada Pension Plan to pay current benefits on behalf of 17 million Canadian contributors and beneficiaries.
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