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What: Shares of discount retailer 99 Cents Only Stores
So what: The all-cash offer values 99 Cents Only at $1.36 billion and represents a 14.5% premium to its Thursday closing price. About a third of 99 Cents is controlled by the Schiffer-Gold family, which is making the bid as the low-cost retailer continues to be an attractive shopping alternative for customers amid the downturn.
Now what: With the stock price currently sitting above the offer price, it seems that Mr. Market feels the offer is on the low side and is expecting a competing offer to emerge. Of course, given the very real possibility that a higher bid doesn't come along, taking some gains off the table seems like a prudent thing to do. After all, with the likes of Dollar General
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