This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

99 Cents Stores Receives Buyout Offer

Updated from 8:59 a.m. EST

NEW YORK ( TheStreet) -- 99 Cents Only Stores (NDN) said Friday it received a takeover bid by private-equity firm Leonard Green and the Schiffer-Gold family.

The dollar store received an offer of $19.09 a share and will evaluate the possible deal.

"It was only a matter of time before 99 Cents went; this deal was long in the making," says Wall Street Strategies analyst Brian Sozzi.

The company has been making significant strides to overhaul its business and is about two years away from hitting its stride when it comes to efficiency.

"Now is the time from private equity to get in there," Sozzi says.

It is also a good sign that the Schiffer-Gold family will continue to be involved at the company.

Leonard Green has been snapping up retailers, completing the acquisition of J. Crew this week and making an offering for Jo-Ann Stores (JAS) in December. The private-equity firm has also been linked to a possible leverage buyout of BJ's Wholesale (BJ).

But this latest move by Leonard Green could put a BJ's buyout in question, Sozzi says. "I am not sure Leonard Green is still enamored with it," he said.

--Written by Jeanine Poggi in New York.



>To contact the writer of this article, click here: Jeanine Poggi.

>To follow the writer on Twitter, go to http://twitter.com/jpoggi.

>To submit a news tip, send an email to: tips@thestreet.com.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
AAPL $125.32 1.70%
FB $82.72 -0.70%
GOOG $551.26 0.53%
TSLA $183.36 -0.89%
YHOO $44.93 -0.38%

Markets

DOW 17,985.79 +273.13 1.54%
S&P 500 2,082.47 +21.45 1.04%
NASDAQ 4,932.1550 +40.9360 0.84%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs