Michaels Companies Soars 22% After Apollo Agrees To Buy The Crafts Retailer For $3.3 Billion

Jeff Greenberg/Education Images/Universal Images Group via Getty Images The Michaels Companies soared 22% on Wednesday after Apollo agreed to buy the arts and crafts retailer for $3.3 billion.Apollo will launch a tender offer to acquire all outstanding shares of Michaels for $22.00 per share in cash.As part of the deal, Michaels has a 25-day go shop period to see if it can get a higher bid from other interested buyers.Sign up here for our daily newsletter, 10 Things Before the Opening BellThe Michaels Companies soared 22% on Wednesday after funds managed by Apollo Global Management agreed to acquire the arts and crafts retailer for $3.3 billion.Apollo will launch a tender offer to acquire all outstanding shares of Michaels for $22.00 per share in cash following a 25-day go shop period, in which Michaels could solicit offers from other potentially interested buyers.Michaels is the largest retailer of arts and crafts supplies in North America.