Apollo Global Management and at least one other private equity firm have expressed interest in acquiring Michaels, the hobby retailer, according to two people familiar with the situation. A buyout would return the retailer to private hands after seven years as a public company. The values of the bids weren’t clear.
Bolstered by a pandemic boom in home crafts, shares of the retailer, which has more than 1,200 stores and some 44,000 employees, have risen by nearly 300 percent over the past year, giving it a market capitalization of around $2.3 billion.
The people, who requested anonymity because the outreach is still confidential, said it is possible that Michaels would opt against a deal. The company is due to report its latest earnings on Thursday.
Read more/Source: The New York Times
