Michaels Companies Inc (MIK) 銘柄情報

And this one - which is more relative to current pps

The Michaels Companies Enters Into a Definitive Agreement to Be Acquired by Funds Managed by Apollo Global Management

Wed, March 3, 2021, 7:15 AM·9 min read

https://finance.yahoo.com/news/michaels-companies-enters-definitive-agreement-141500641.html

Purchase Price of $22.00 per Share in Cash

Transaction Valued at $5.0 billion

The Michaels Companies (NASDAQ: MIK) ("Michaels" or "the Company") and funds managed by affiliates of Apollo Global Management, Inc. (NYSE:APO) (together with its consolidated subsidiaries "Apollo") today announced that they have entered into a definitive merger agreement pursuant to which investment funds managed by affiliates of Apollo have agreed to acquire the Company in a transaction that values Michaels at an equity value of approximately $3.3 billion (for a transaction valued at $5.0 billion).

Under the terms of the agreement, which has been unanimously approved by the Michaels Board of Directors, Apollo will commence a tender offer to acquire all outstanding shares of Michaels for $22.00 per share in cash. The purchase price represents a 47% premium to the closing stock price on February 26, 2021 (the last trading day prior to press speculation about a potential transaction involving Michaels) of $15.00 per share and a 78% premium to the 90-day volume-weighted average price.

"The Company’s impressive growth transformation, including our financial and operational performance in the unprecedented environment of the pandemic, led to an unsolicited offer to buy the company," said James Quella, Chairman of the Michaels Board of Directors. "Following that offer, the board undertook a comprehensive process to test the market and to evaluate the value maximizing path forward for shareholders. The Board of Directors, informed by that process, firmly believes Apollo’s offer represents a compelling value to our shareholders. It has been a privilege to work with Ashley and the management team as they coalesced around the transformation strategy, reimagined the Michaels omni-channel experience, and drove strong business outcomes in a challenging retail environment."

"Our Michaels strategy and the work that we have done in the past year have led to phenomenal business results, strengthened our core business and positioned Michaels for long-term sustainable growth," said Ashley Buchanan, Chief Executive Officer of Michaels. "We are excited to enter into this new chapter together with Apollo, who shares our strategic vision for Michaels as an omnichannel retailer that offers a one-stop-shop experience for the entire Michaels community. As a private company, we will have financial flexibility to invest in, expand, and improve our retail and digital platforms."

Andrew S. Jhawar, Senior Partner and Head of the Retail and Consumer Group at Apollo, said, "On behalf of the Apollo Funds, we are delighted about this transaction with Michaels, which has continued to elevate its position as the leading player in the exciting arts and crafts industry. Michaels is the go-to-destination in arts and crafts for the deepest breadth of assortment with best-in-class customer service. We believe there is a significant opportunity to enhance the Michaels brand, store experience and omnichannel offering to its customers across North America. Our team at Apollo expects to leverage many of the strategies from our funds’ successful investments in other specialty retailers and grocers with Michaels. We are looking forward to working with the management team and the over 45,000 team members at Michaels in further enhancing the Company’s retail and digital channels as the most inspiring and engaging experience in the arts and crafts industry."

The closing of the transaction is subject to customary closing conditions, including the expiration or termination of certain regulatory periods and the tender of shares representing at least a majority of the Company’s outstanding common stock to Apollo, and is expected to close in Michaels’ first half of the Company’s fiscal year. Following the successful completion of the tender offer, Apollo managed funds will acquire all remaining shares not tendered in the tender offer through a second-step merger at the same price. The transaction will be financed through a combination of equity provided by Apollo managed funds as well as a committed debt financing package to be provided by Credit Suisse, Barclays, Wells Fargo, RBC Capital Markets, Deutsche Bank, Mizuho, and Bank of America.

The merger agreement provides for a "go-shop" period, during which Michaels – with the assistance of UBS Investment Bank, its exclusive financial advisor – will actively solicit, evaluate and potentially enter into negotiations with and provide due diligence access to parties that submit alternative proposals. The go-shop period is 25 calendar days, commencing today. Michaels will have the right to terminate the merger agreement to enter into a superior proposal subject to the conditions and procedures specified in the merger agreement, which Michaels will file with a Current Report on Form 8-K. There can be no assurance this process will result in a superior proposal. Michaels does not intend to disclose developments about this process unless and until its Board of Directors has made a decision with respect to any potential superior proposal.

Upon the completion of the transaction, Michaels will become a privately held company and shares of MIK common stock will no longer be listed on any public market.

UBS Investment Bank is acting as exclusive financial advisor to Michaels and Ropes & Gray is acting as legal advisor to Michaels. Simpson Thatcher & Bartlett LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP, are acting as legal advisors to Apollo and Credit Suisse acted as Apollo’s financial advisor.

Fourth Quarter and Fiscal Year 2020 Results Update

In light of the announced transaction, the Company will issue a press release with its financial results for the fourth quarter and fiscal year 2020, before market open on Thursday, March 4, 2021, but the earnings conference call that was scheduled for Thursday, March 4, 2021, at 8:00 am CT will no longer take place.

About The Michaels Companies, Inc.:

The Michaels Companies, Inc. is North America's largest specialty provider of arts, crafts, framing, floral, wall décor, and seasonal merchandise for Michaels and do-it-yourself home decorators. The Company operates more than 1,275 Michaels stores in 49 states and Canada. Additionally, the Company serves customers through digital platforms including Michaels.com and Canada.michaels.com. The Michaels Companies, Inc., also owns Artistree, a manufacturer of high-quality custom and specialty framing merchandise. For a list of store locations or to shop online, visit www.michaels.com or download the Michaels app.

About Apollo:

Apollo is a leading global investment manager with offices in New York, Los Angeles, San Diego, Houston, Bethesda, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong Kong, Shanghai and Tokyo, among others. Apollo had assets under management of approximately $455 billion as of December 31, 2020 in credit, private equity and real assets funds. For more information about Apollo, please visit www.apollo.com.

Conflicting reports

https://www.thestreet.com/investing/michaels-in-5-billion-go-private-deal-with-apollo-global?puc=yahoo&cm_ven=YAHOO

Michaels Agree $5 Billion 'Go-Private' Deal With Apollo Global
Michaels said it will become a private company, and de-list its stock from the Nasdaq, once its $5 billion takeover from Apollo Global is completed.

MARTIN BACCARDAX
39 MINUTES AGO

Michaels Companies Inc. (MIK) - Get Report shares jumped higher Wednesday after the arts and crafts retailer agreed to a $5 billion takeover by private equity group Apollo Global Management.

Michaels said Apollo will pay $25 a share for the group, placing its equity value at $3.3 billion. Apollo will fund the deal through a combination of debt and financing and existing funds, the company said. Michaels also said the deal, which includes a 'go-shop' period of 25 days, will eventually see the retailer become a public company, with its shares ultimately de-listed from the Nasdaq.

“Our Michaels strategy and the work that we have done in the past year have led to phenomenal business results, strengthened our core business and positioned Michaels for long-term sustainable growth,” said CEO Ashley Buchanan. “We are excited to enter into this new chapter together with Apollo, who shares our strategic vision for Michaels as an omnichannel retailer that offers a one-stop-shop experience for the entire Michaels community. As a private company, we will have financial flexibility to invest in, expand, and improve our retail and digital platforms.”

Michaels shares were marked 9.9% higher in pre-market trading Wednesday to indicate an opening bell price of $19.80 each, a move that would more than double the stock's gain over the past six months.

"Michaels is the go-to-destination in arts and crafts for the deepest breadth of assortment with best-in-class customer service," said Apollo Global's head of retail and consumer Andrew Jhawar. "We believe there is a significant opportunity to enhance the Michaels brand, store experience and omnichannel offering to its customers across North America."

"Our team at Apollo expects to leverage many of the strategies from our funds’ successful investments in other specialty retailers and grocers with Michaels," he added.

Institutions hold 120% of the shares. I am loaded for the squeeze

Heavily shorted! Naked short squeeze beginning!$$$$

* * $MIK Video Chart 12-03-2020 * *

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NEWS: $MIK Why The Michaels Companies Stock Went Up on a Down Day for the Market

Shares of arts-and-crafts supply company The Michaels Companies (NASDAQ: MIK) went up on Friday, even though the overall market was down. Michaels was able to beat the downward trend thanks to a slew of analyst upgrades, including increased priced targets.  As of 3:30 p.m. EDT, Michael...

Got this from MIK - Why The Michaels Companies Stock Went Up on a Down Day for the Market

* * $MIK Video Chart 09-03-2020 * *

Link to Video - click here to watch the technical chart video

Parabolic soon

headed to $20

* * $MIK Video Chart 05-27-2020 * *

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* * $MIK Video Chart 03-26-2020 * *

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$MIK...Stock on the move, Day#1 remember..
First day of a bullish posture run

This one just getting started, hopefully some news next week and the shorts will have to cover 30% plus.

lets see the volume on Monday!

10 Penny Stocks to Watch Going into the Week of 12.28.2019

$MREO $MIK $MDR $PYX $USWS $TUSK $JMIA $SLS $CKPT $BEST

https://t.co/Xeg5aWG2dq

* * $MIK Video Chart 12-27-2019 * *

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News: $MIK Why Michaels Stock Jumped 23% on Friday

Shares of arts and crafts retailer The Michaels Companies (NASDAQ: MIK) surged higher on Friday due to a sudden shakeup in the executive suite. The stock was trading 24% higher at 1:55 p.m. EST. Michaels has tapped former Walmart executive Ashley Buchanan as its new CEO and president, ...

Find out more MIK - Why Michaels Stock Jumped 23% on Friday

News: $MIK The Michaels Companies Appoints Ashley Buchanan as New CEO

World Class Retail Executive Will Lead Michaels Continued Transformation Mark Cosby to Step Down as CEO Following Leadership Transition and Remain on the Board of Directors The Michaels Companies, Inc. (NASDAQ: MIK) today announced that Ashley Buchanan, an experienced retail exec...

Find out more MIK - The Michaels Companies Appoints Ashley Buchanan as New CEO

$MIK short squeeze The Michaels Companies Inc Nasdaq Mik Short Squeeze

Earnings per share September 4, 2019 Q2 2020 Earnings Release Actual $0.19 Estimated range for Q2 $0.13 to $0.15 Previous yr $0.15

Good work by Michaels

December 3rd estimate Q3
Actual 0.48 Estimated range for Q3 0.42 to 0.45 Previous yr 0.44

Looking for to an Outstanding close to 2019 with the Holidays bringing in good revenue. Share price to ? $20 or $30.

News: $MIK Why Retail Stocks Were Up Big Monday

Shares of retail stocks were soaring across the board Monday. The unloved sector seemed to benefit from a massive rotation in the market as investors moved out of high-priced tech and cloud stocks like  Okta ,  Shopify , and  Fastly and into low-priced value plays in the retail...

In case you are interested MIK - Why Retail Stocks Were Up Big Monday

* * $MIK Video Chart 09-09-2019 * *

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* * $MIK Video Chart 09-06-2019 * *

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* * $MIK Video Chart 09-05-2019 * *

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News: $MIK Why Michaels Shares Jumped 14% Today

Shares of The Michaels Companies (NASDAQ: MIK) rose as much as 14.5% on Thursday morning, driven by the Trump administration planning to meet with Chinese leaders for a new round of trade talks. By noon EDT, the arts and crafts retailer's stock had settled down to a 13.7% gain. Michaels'...

Read the whole news MIK - Why Michaels Shares Jumped 14% Today

News: $MIK Michaels to Hire 15,000 Employees for the Holiday Season

Arts & Crafts Retailer to Host a Nationwide Seasonal Hiring Event on September 7 The Michaels Companies, Inc. (NASDAQ: MIK), a certified 2019 Great Place to Work®, today announced it will hire approximately 15,000 seasonal positions across its U.S. and Canada stores and distri...

Got this from MIK - Michaels to Hire 15,000 Employees for the Holiday Season

* * $MIK Video Chart 09-04-2019 * *

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News: $MIK The Michaels Companies Announces Second Quarter 2019 Results

Comparable store sales increased 0.3% Operating income of $71.3 million; adjusted operating income increase of 5.8% to $75.2 million Diluted EPS of $0.16; adjusted diluted EPS increase of 26.7% to $0.19 The Michaels Companies, Inc. (NASDAQ: MIK) today reported diluted ...

Find out more MIK - The Michaels Companies Announces Second Quarter 2019 Results

News: $MIK Dow to Jump as Fed Meeting Gets Underway

U.S. stock index futures traded higher on Tuesday, broadly supported on expectations the Federal Reserve could strike a dovish tone at its latest monetary-policy meeting. Futures for the Dow Jones Industrial Average sprang up 100 points, or 0.4%, at 26,065 Futures for the S&P 500 ...

Find out more https://marketwirenews.com/news-releases/dow-to-jump-as-fed-meeting-gets-underway-7855872.html

News: $MIK The Michaels Companies Reports Fourth Quarter and Full Year Fiscal 2018 Results

Fourth quarter comparable store sales decreased 0.4%; on a calendar shifted basis, comparable store sales increased 1.4% Fourth quarter GAAP diluted EPS of $1.15; adjusted diluted EPS of $1.44 Fiscal 2018 comparable store sales increased 0.8% Fiscal 2018 GAAP diluted EPS...

Read the whole news https://marketwirenews.com/news-releases/the-michaels-companies-reports-fourth-quarter-and-full-year-fiscal-2018-results-7855358.html

This stock has lots of potential. Can't wait for more news!

Michaels Companies is also expected to report earnings on Tuesday and ten valuation models imply shares are about 18% undervalued.

Earnings Analysis