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Why Michaels Companies Stock Soared Today

TheMotleyFool

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Why Michaels Companies Stock Soared TodayPhoto, wide shot, wide-angle lens, Bank, sunset photo at golden hour, photo by Art Wolfe: https://img.theapi.app/temp/3aa597ca-f944-4a9b-bf8d-3071f3b5a5c9.png

Shares of arts and crafts retailer The Michaels Companies (NASDAQ: MIK) jumped Wednesday after it announced a deal to be acquired by private equity fund manager Apollo Global Management (NYSE: APO).

Shares were up 23% as of 10:30 a.m. EST, trading slightly above the transaction price.

The acquisition from funds managed by Apollo gives Michaels an equity value of $3.3 billion at a $22 share price. Including debt, the transaction is valued at $5 billion. Micheals' shares moved up in late February when speculation about a deal began, but the purchase price represents a 78% premium to the 90-day average price.

Source Fool.com

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