99 Cents Only Stores' Takeover Involves Six Firms In The Case
99 Cents Only Stores refused a takeover proposal from Leonard Green & Partners - a private equity buyer, last spring. The store believed it was holding out for a better price. California based discount chain, The Commerce, announced that it attained an agreement to be bought for roughly $1.6 billion. Ares Management and the Canada Pension Plan Investment Board will pay $22 per share in cash between them for 99 Cents Only Stores. Proskauer Rose M&A co-head Michael Woronoff has been hired as Ares lead outside counsel. Stefan Stauder, Tax partner Peter Keenan and corporate partner Jonathan Wiener are advising CPPIB on the matter. Munger, Tolles & Olson corporate partner Mary Ann Todd are providing counseling to 99 Cents Only Stores. Skadden, Arps, Slate, Meagher & Flom is Gold/Schiffer family's legal adviser. Morrison & Foerster, is advising a special committee of the board on the transaction.