99¢ Only Acquired by Ares for $1.6 Billion

Munger, Tolles & Olson represented discount chain 99¢ Only Stores in its $1.6 billion sale to Ares Management LLC and Canada Pension Plan Investment Board. The deal was announced Oct. 11.

Ares will pay $22 per share for the L.A.-based chain. The Deal reported that the price offered a premium of more than 30 percent over the company’s trading price before Leonard Green & Partners LP made a bid of $19.09 per share in March. 

“We have come to know and respect Ares Management and CPPIB through this process, and we believe they will be excellent partners and help us achieve our long term goals as a company,” 99¢ Only Stores CEO Eric Schiffer said.

Founded in 1982, 99¢ Only operates 289 stores in California, Texas, Arizona and Nevada.

The Munger Tolles attorneys working on the matter include Mary Ann Todd, Brett J. Rodda, Judith T. Kitano, Renee Delphin-Rodriguez, David C. Thompson and Jasmine M. Roberts.