MICHAEL'S TO BE SOLD FOR $6 BILLION TO BAIN, BLACKSTONE GROUP.(Bain Capital)(Brief article)

HFN: The Weekly Newspaper for the Home Furnishing Network, July, 2006

IRVING, Texas-Michael's, the nation's largest arts and crafts retailer, will be sold to two equity firms, Bain Capital and the Blackstone Group.

In a statement announcing the sale, Michael's said that shareholders will receive $44 for each share in cash, which represents a sum of more than $6 billion.

Completion of the sale is dependent on shareholder approval and regulatory acceptance. Michael's said it expects approval by the end of the current calendar year.

Last year, Michael's, with more than 1,000 stores in the United States and Canada, reported sales of more than $3.6 billion, of which about $625 billion were picture frames, both off-the-shelf and custom-made.