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Ropes & Gray Advises The Michaels Companies in its Acquisition by Apollo Global Management

Practices: Mergers & Acquisitions, Antitrust, Executive Compensation & Employee Benefits, Finance, Intellectual Property Transactions, Litigation, Real Estate Investments & Transactions, Tax

Ropes & Gray represented The Michaels Companies in its merger agreement pursuant to which investment funds managed by affiliates of Apollo Global Management have agreed to acquire the company in a transaction that values Michaels at an enterprise value of approximately $5.0 billion. 

Under the terms of the agreement, which has been unanimously approved by the Michaels Board of Directors, Apollo will commence a tender offer to acquire all outstanding shares of Michaels for $22.00 in cash. The purchase price represents a 47% premium to the closing stock price on February 26, 2021 (the last trading day prior to press speculation about a potential transaction involving Michaels) of $15.00 per share and a 78% premium to the 90-day volume-weighted average price. 

The Ropes & Gray team that represented The Michaels Companies was led by mergers & acquisitions partners Will Shields and Craig Marcus (both of Boston), Sarah Young (New York) and Will Michener (Boston), and included finance partner Byung Choi, employment, executive compensation & benefits partners Jennifer Rikoski and Megan Bisk, tax partner Elaine Murphy (all of Boston), antitrust partners Michael McFalls (Washington, D.C) and Ruchit Patel (London), IP transactions partner Violetta Kokolus (New York), real estate partner Peter Alpert (Boston), litigation & enforcement partners Ama Adams (Washington, D.C.) and Randall Bodner (Boston), real estate counsel Chrystal LaRoche (New York), finance counsel Alyson Stewart (Boston) and associates Kate Fisher (Boston), Jessica Cooney, Scott Rolnik and Daniel Lim (all of New York).

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