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Apollo Management In Bid To Acquire 99 Cents Only Stores

Apollo Management -- the New York buyout firm headed by billionaire Leon Black -- is about to become the latest entrant, as it is preparing a bid to acquire 99 Cents Only Stores, a 285-store deep-discount chain based in City of Commerce, Calif.

The 29-year-old chain's founding family, which controls one-third of the retailer's shares, earlier this year partnered to take the chain private with rival PE firm Leonard Green & Partners for $19.09 a share, or $1.3 billion.

But the family, after being wooed by Apollo, has signaled in recent days that it is willing to change dance partners and support the highest bidder, sources said. As a result, 99 Cents this week set a bidding deadline.

Read the whole story at New York Post »

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