M&A · Industrials · Retail-Hobby, Toy & Game Shops
Apollo Global Management, Inc. to acquire Michaels Companies, Inc.
Announced Mar 2, 2021 · Closed Apr 15, 2021
Deal value$5.00BEV $4.90B
Premium47.0%To unaffected price
EV / Adj. EBITDA7.9x1.0x EV / Revenue
ConsiderationAll cash$22.00 per share
Transaction
- Acquirer
- Apollo Global Management, Inc. (APO)
- Target
- Michaels Companies, Inc. (MIK)
- Buyer type
- Private equity
- Offer price per share
- $22.00
- Enterprise value
- $4.90B
- Status
- Closed Apr 15, 2021
Deal protections
- Break fee (target pays)
- $104M · 2.1%
- Reverse fee (buyer pays)
- $220M · 4.4%
- Go-shop
- 25-day go-shop
- Financing
- Committed · Credit Suisse, Wells Fargo, Barclays, Deutsche Bank, Mizuho, RBC Capital Markets +1
Advisors
- To the acquirer
- Credit Suisse
- To the target
- UBS
- UBS fee
- $20.0M
Sector context · Industrials
- Comparable deals
- 14 in the prior 24 months
- Premium
- 47.0% vs. 22.5% sector median
- EV / Adj. EBITDA
- 7.9x vs. 10.0x sector median
- Break fee
- 2.1% vs. 2.4% sector median
Timeline
- AnnouncedMar 2, 2021
- Tender offerMar 16, 2021
- ClosedApr 15, 2021
Valuation · fairness opinions
Analyst price targets$11.71$22.52
Premiums paid$18.75$20.25
Offer $22.00
Implied value per Michaels Companies, Inc. share by analysis, from UBS.