Given the current state of the economy and unemployment levels, the discount store sector is drawing significant investor attention. We have seen three buyout candidates emerge so far in 2011. In February, shares of Big Lots Inc. climbed more than 15% in late-afternoon trading when Bloomberg Businessweek, in an unconfirmed report, said that the company was exploring a possible sale after receiving interest from private equity firms. According to a Bloomberg article dated September 23, 2011, Big Lots was trading at 13.9 times its free cash flow, which was half the industry average of 27 times. It thus presented the cheapest buyout opportunity to private equity firms compared with other discount stores such as 99 Cents Only Stores and Family Dollar Stores Inc. S&P believes that for a retailer to be considered for a buyout, it should have a solid business model, healthy cash flows, low debt levels, and expansion potential. We also think that experienced company management is an additional positive for a retailer. Big Lots fits the bill on all counts, as do Family Dollar and 99 Cents Only Stores.
Multiple bidders have shown interest in acquiring 99 Cents Only Stores. In March 2011, the first bid of $19.09 per share in cash (totaling $1.4 billion) came from private equity firm Leonard Green Partners, L.P., in conjunction with members of the founding Schiffer/Gold family (which owns about 33% of the company’s outstanding shares). The company received a second bid of around $24 per share in September from private equity firm Apollo Management, which subsequently backed out of its offer due to funding issues. In October, private equity firm Ares Capital Management, along with Canada Pension Plan Investment Board, made an offer of $22 per share (totaling $1.6 billion), which was accepted. The transaction is expected to close in the first quarter of 2012.
鉴于经济和失业率的现状，折扣店部门提请重大投资者关注。我们已经看到在2011到目前为止出现三收购的候选人。二月，大很多公司股价上涨超过在尾盘15%时，彭博商业周刊，一个未经证实的报告，说该公司从私人股本公司接收的兴趣之后可能出售。根据彭博社的一篇报道日期2011年9月23日，大批量交易达到13.9倍的自由现金流，这一半是行业平均水平的27倍。因此，提出了最便宜的收购机会，私人股本公司与其他折扣店如99美分商店和家庭美元百货公司标准普尔认为，零售商考虑收购，它应该有一个坚实的商业模式，健康的现金流，债务水平低，膨胀势。我们还认为，经验丰富的公司管理的零售商是一个额外的积极。大很多的账单适合所有罪状，做家庭美元和99美分商店。
多个投标人有兴趣获取99美分商店。2011三月，现金每股19.09美元的第一个报价（共1400000000美元）来自私人直接投资公司伦纳德绿色合作伙伴，公司，在与成员成立希弗/黄金家族（拥有该公司约33%的流通股）。公司收到了来自私人直接投资公司阿波罗管理约每股24美元在九月第二次报价，随后退出，由于资金问题，其报价。十月，私人直接投资公司阿瑞斯资本管理，随着加拿大退休金计划投资委员会，由每股22美元的报价（共1600000000美元），这是公认的。该交易预计将在2012的第一季度。