US discount chain 99 Cents Only Stores has received a takeover bid from private equity firm Ares Capital Management that trumps previous offers, the New York Post reports. An offer of approximately $1.55 billion by Ares has put rival bidder Leonard Green & Partners out of the running. A source close to the matter said: “Ares feels really good about the situation”. In March, 99 Cents Only received a buyout proposal of $1.3 billion from Leonard Green, a figure it deemed too low. All parties declined to provide an official statement.Source: Planet Retail
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