Struggling craft chain store AC Moore agreed yesterday to be acquired by arts and crafts distributor Sbar’s Inc for $1.60 per share in cash, approximately $40.8 million. The stock closed on Monday at $.95 per share, but rose to $1.50 after news of the buyout hit the market. The stock has been steadily losing value since hitting a 52 week high in March of $3.56.
The transaction is being financed by Wells Fargo N.A and is expected to close during the fourth quarter of 2011. After the transaction’s close, AC Moore stock will no longer be publicly owned or traded. [Read more...]