Private equity firm Apollo Global Management LLC is getting ready to buy discount chain 99-Cent Only Stores , the New York Post said.
The Post learned from sources that the Schiffer-Gold family, which owns about a third of the company, has recently hinted that it is willing to team up with the highest bidder, after being wooed by Apollo.
In March, the Schiffer-Golds teamed up with private equity firm Leonard Green to offer $1.34 billion to take the chain private.
Instead of saying Leonard Green is not paying enough, (99 Cents) is saying (Leonard Green) needs to have its bid ready by mid-September, one source told the Post.
99-Cent Only Stores, which offer low-priced items such as stationery, party supplies, food and eyewear, could see other buyout offers as well, The New York Post's sources said.
In April, the chain formed a special committee of independent directors to consider the buyout offer from the Schiffer-Golds and Leonard Green, which to many indicated that there could be rival bids.
The retailer's shares closed at $16.58 on Friday on the New York Stock Exchange.