99 Cents Only Stores Sells for $1.6B

Ares Management and Canada Pension Plan Investment Board will pay $22 per share, or $1.6 billion, for 99 Cents Only Stores, Reuters reported Tuesday. Reuters also wrote that members of the Schiffer/Gold family, who are key stakeholders in the company, have agreed to vote in favor of the transaction.

(Reuters) – 99 Cents Only Stores (NDN.N) said it will be acquired by affiliates of Ares Management LLC and Canada Pension Plan Investment Board for about $22 per share in cash, or $1.6 billion.

The company also said members of the Schiffer/Gold family, who are key stakeholders in the company, have agreed to vote in favor of the transaction.

The Schiffer/Gold family will continue to hold a significant minority stake in the company.

(Reporting by Meenakshi Iyer in Bangalore; Editing by Saumyadeb Chakrabarty)