Kendall Law Group Investigates 99 Cents Only Stores for Shareholders
March 11 2011 - 2:32PM
Business Wire
Kendall Law Group, led by former federal judge Joe Kendall, is
investigating 99 Cents Only Stores (NYSE:NDN) for shareholders in
connection to the proposal by the Schiffer-Gold family and Leonard
Green & Partners L.P. to take the company private. If you are a
NDN shareholder and would like additional information about your
rights, contact the Kendall Law Group at 877-744-3728 or by email
at skendall@kendalllawgroup.com.
On March 11, 2011, 99 Cents Only Stores announced that they have
received a bid to take the company private for $1.34 billion in
cash. According to the announcement, Schiffer-Gold Family and
Leonard Green & Partners are prepared to offer $19.09 per share
and contribute a substantial portion of their existing stock
ownership in the company as part of the deal. The $19.09 offer is a
14 percent premium over the $16.68 closing price the day before the
announcement. However, Yahoo! Finance indicates that at least one
analyst has set a target price of $22.00 per share. The
Schiffer-Gold family owns 33% of the company and the chairman,
chief executive and other top executives of 99 Cents Only Stores
are part of the Schiffer-Gold family. For these reasons, the firm
believes this proposal does not provide the best value available to
shareholders.
Kendall Law Group was founded by a former federal judge,
includes a former United States Attorney, prosecutors and
securities lawyers who are experienced in complex securities
litigation. The firm has been counsel in numerous merger and
acquisition cases nationwide, including some of the largest
transactions in the United States.
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