Retailer Big Lots Inc (BIG.N) is taking itself off the market after failing to attract high enough bids, a source familiar with the situation said, the latest auction that has proven out of private equity bidders' reach. Private equity firms' interest in the retailer waned due to concerns about the price, two sources familiar with the matter said. There was a large gap between where the stock had risen and what the buyers were willing to pay, one of the sources said. Bidders had been looking at prices in the low $30s a share, that source said, while the company's stock had traded above $40. The shares dropped 11.8 percent to $33.30 in afternoon New York Stock Exchange trading, valuing Big Lots at about $2.5 billion.
Big Lots, Inc. through its wholly owned subsidiaries is a closeout retailer. Shares of BIG fell by 11.61% or $-4.38/share to $33.36. In the past year, the shares have traded as low as $27.82 and as high as $44.44. On average, 1764290 shares of BIG exchange hands on a given day and today's volume is recorded at 10437894.
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