Wednesday, October 12, 2011

93 Cents Canadian

US bargain retailer 99 Cents Only Stores has agreed a takeover bid by a private equity firm and a Canadian pension agency worth $1.6bn (£1bn).

The company said the offer of $22 a share, made by Ares Management and the Canada Pension Plan Investment Board, represented "significant value" to shareholders.

The takeover should be completed during the first three months of next year.

Read more here.

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