99 Cents Only Stores said it has received a bid from one of its shareholders and a private equity firm to take the company private for $1.34 billion in cash. The Schiffer/Gold family, which owns about 33 percent of the company, has teamed up with Leonard Green & Partners L.P. to make a $19.09 per share offer. The bid price represents a 14 percent premium to the company's Thursday closing price. Shares of 99 Cents Only rose 22 percent to $20.34 before the bell, suggesting investors are expecting a higher bid.
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