Navigate this market better. Subscribe for FREE stock alerts and information.

Thursday, June 12, 2014

Crafts retailer Michaels looks to long-awaited summer IPO: sources, (NYSE: BX)

The initial public offering of Michaels Cos Inc, which has been planned for the last two years, will finally take place this summer, according to people familiar with the matter. The U.S. crafts retailer is likely to begin marketing shares to potential investors in the next several weeks, according to the sources, who declined to be named because the matter is private.Michaels, which had been publicly traded and was taken private by Blackstone Group LP and Bain Capital LP for $6 billion in 2006, initially filed for an IPO of up to $500 million in March 2012. That was postponed after then-Chief Executive Officer John Menzer had a stroke and stepped down.The Texas-based company withdrew the IPO last December after going through a reorganization, then submitted registration documents again in May.Michaels and Bain could not be reached immediately for comment. Blackstone declined to comment.

The Blackstone Group L.P. (Blackstone) is a manager of private capital and provider of financial advisory services. Shares of BX fell by 1.77% or $-0.6/share to $33.34. In the past year, the shares have traded as low as $19.15 and as high as $35.39. On average, 5624950 shares of BX exchange hands on a given day and today's volume is recorded at 1074172.