Arts and crafts retailer Michaels Stores ( MIK) said late Friday that it has agreed to a $6 billion buyout offer from two private equity firms.

Bain Capital and Blackstone Group will pay $44 a share for the company - a 30% premium to the company's closing price before Michaels Stores' announcement on March 20 that it planned to pursue "strategic alternatives."

The stock closed Friday up nearly 9% to $41.24.

Bain and Blackstone will own equal stakes in the company.

Completing the transaction, which is expected by the end of the year, is contingent on regulatory review and approval by the shareholders of Michaels Stores.

Earlier this month, the retailer filed its delayed quarterly report late and confirmed that there may be accounting discrepancies in its financials related to stock options granted before 2001.