Apollo Group Nears Takeover of 99 Cents Only Stores (NDN)

Apollo Group is nearing a competing takeover bid for 99 Cents Only Stores (NYSE: NDN), the New York Post reported.

The Schiffer-Gold family, which owns a third of the company, is looking to support a higher bid from Apollo Group after earlier partnering with rival private equity firm Leonard Green & Partners. In March, the two parties announced a “going private” deal, valuing the deep-discount chain at $19.09 per share, or $1.3 billion.

"Instead of saying Leonard Green is not paying enough, [99 Cents] is saying [Leonard Green] needs to have its bid ready by mid-September,” according to one source quoted in the Post.

Apollo Group has not been given the all-clear to buy 99 Cents Only Stores as other buyout firms could still join the hunt for the company.

Link to NY Post Story

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