CITY OF COMMERCE, Calif.,
April 11, 2011 /PRNewswire/ --
99-Cent Only Stores® (NYSE: NDN) (the
"Company") today announced that its board of directors has formed a
special committee of independent directors (the "Special
Committee") to, among other things, consider the proposal made on
March 10, 2011 by members of the
Schiffer/Gold family, together with Leonard
Green & Partners, L.P. ("LGP"), to acquire the Company
in a "going private" transaction for $19.09 per share in cash. The Special
Committee is also authorized to consider other proposals and
strategic alternatives which may be available to the Company.
The Special Committee members are Lawrence Glascott, Marvin Holen and Peter
Woo.
(Logo:
http://photos.prnewswire.com/prnh/20110214/LA47195LOGO-a)
The Special Committee has retained Lazard as financial advisor
and Morrison & Foerster LLP as legal counsel.
The Schiffer/Gold family has assured the Company that they will
support a full and open process and will consider other bidders
arising from such process.
The Company cautions its shareholders and others considering
trading in its securities that the proposal from the Schiffer/Gold
family and LGP has not yet been evaluated. There can be no
assurance that any definitive offer to acquire the Company will be
made, or if made what the terms thereof will be, or that this or
any other transaction will be approved or consummated.
About 99-Cent Only
Stores®
Founded in 1982, 99-Cent Only
Stores® currently operates 285 extreme value retail stores
consisting of 211 stores in California, 35 in Texas, 27 in Arizona, and 12 in Nevada. 99-Cent
Only Stores® emphasizes quality name-brand consumables, priced at
an excellent value, in convenient, attractively merchandised
stores. Over half of the Company's sales come from food and
beverages, including produce, dairy, deli and frozen foods, along
with organic and gourmet foods. The Company's New York Stock
Exchange symbol is NDN.
Forward Looking Statements
This press release contains statements that are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements are based on current
expectations about future events. These statements are not
guarantees of future events and involve risks, uncertainties and
assumptions that are difficult to predict. Therefore, actual
events may differ materially from what is expressed in such
forward-looking statements due to numerous factors. These
include the uncertainties set forth in this press release regarding
whether an acquisition of the Company will be consummated upon the
terms proposed by the Schiffer/Gold family and LGP, or at all.
Further information and risks regarding factors that could affect
our business, operations, financial results or financial positions
are discussed from time to time in the Company's Securities and
Exchange Commission filings and reports. The shareholders of
the Company and other readers are cautioned not to put undue
reliance on any forward-looking statements. The Company
undertakes no obligation to publicly update any forward-looking
statements, whether as a result of new information, future events
or otherwise.
SOURCE 99-Cent Only Stores