Deals
Apollo to Acquire Retailer Michaels for $3.3 Billion in Cash
- Deal follows crafting retailer’s 61% stock rally in 2020
- Michaels chairman says bid was unsolicited but makes sense
This article is for subscribers only.
Michaels Cos., the U.S. crafting and hobby retail chain, has agreed to a sale to Apollo Global Management at an equity value of about $3.3 billion.
Apollo will pay $22 a share to Michaels shareholders, representing a 22% premium from Tuesday’s close. The Michaels board has unanimously approved the deal, according to a statement Wednesday.