99 Cents Only Stores (NDN.N) has received a takeover offer from private equity firm Ares Capital Corp (ARCC.O) which rivals an existing bid from Leonard Green & Partners, a source familiar with the situation said on Thursday. The New York Post reported that Ares made a binding offer in the range of $22 a share, which tops Leonard Green's offer in the range of $20 a share. Shares of 99 Cents gained 8.4 percent to close at $20.05 on Thursday. Ares, Leonard Green and 99 Cents could not be immediately reached for comment.
99Cents Only Stores is a retailer of primarily consumable general merchandise. Shares of NDN traded higher by 8.38% or $1.55/share to $20.05. In the past year, the shares have traded as low as $14.32 and as high as $21.00. On average, 788762 shares of NDN exchange hands on a given day and today's volume is recorded at 1343825.
Ares Capital Corporation (Ares Capital) is a specialty finance company that is a closed-end, non-diversified management investment company. Shares of ARCC traded higher by 2.05% or $0.28/share to $13.94. In the past year, the shares have traded as low as $12.75 and as high as $17.97. On average, 2078900 shares of ARCC exchange hands on a given day and today's volume is recorded at 1890512.
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