IRVING, Texas, Oct. 5 /PRNewswire-FirstCall/ -- Michaels Stores, Inc.
(NYSE: MIK) announced that at its special meeting of stockholders today the
stockholders approved the merger agreement providing for the merger of
Michaels with affiliates of Bain Capital Partners, LLC and The Blackstone
Group. Approximately 99.72% of shares present and voting voted for the
approval of the merger agreement. The number of shares voting to approve
the merger agreement represents approximately 78.72% of the total number of
shares outstanding and entitled to vote.
Pursuant to the merger agreement, generally each outstanding share of
Michaels Stores, Inc. common stock will automatically be cancelled and
converted into the right to receive $44.00 in cash at the effective time of
the merger. The merger is presently expected to close by November 4, 2006.
Michaels Stores, Inc. is the world's largest specialty retailer of
arts, crafts, framing, floral, home decor, and seasonal merchandise for the
hobbyist and do-it-yourself home decorator. As of October 5, 2006, the
Company owns and operates 914 Michaels stores in 48 states and Canada, 165
Aaron Brothers stores, 11 Recollections stores, and four Star Wholesale
operations.
This press release is also available on the Michaels Stores, Inc.
website (http://www.michaels.com).
SOURCE Michaels Stores, Inc.
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Related links:
http://www.michaels.com/
Photo Notes:http://www.newscom.com/cgi-bin/prnh/20040804/DAMICHAELSLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
http://www.prnewswire.com/comp/115769.html/
CONTACT:
Lisa K. Klinger, Vice President - Treasurer
and Investor Relations of Michaels Stores, Inc., +1-972-409-1528,
or klingerl@michaels.com
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