Apollo announces commencement of the tender offer for all outstanding shares of the michaels companies

New york, march 16, 2021 (globe newswire) -- apollo global management, inc. (nyse: apo) (together with its consolidated subsidiaries “apollo”) announced today that its affiliate, magic mergeco, inc. (“purchaser”), commenced the previously announced cash tender offer for all of the issued and outstanding shares of common stock of the michaels companies, inc. (nasdaq: mik) (“michaels”) at a price of $22.00 per share, net to the seller, in cash, without interest and less applicable withholding taxes. the tender offer is being made pursuant to the merger agreement (the “merger agreement”) executed on march 2, 2021 and announced by apollo and michaels on march 3, 2021, under which purchaser will acquire michaels in a transaction valued at approximately $5.0 billion. purchaser and its parent company, magic acquireco, inc. (“parent”), are wholly owned subsidiaries of apollo.
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