Here's the latest for Wednesday March 3rd: Fatal California collision investigated; Biden says enough vaccine for all US adults by end of May; Texas to end mask mandate, other COVID rules; Dolly Parton gets COVID vaccination.
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NEW YORK — Arts and crafts retailer Michaels is going private.
The retail chain, based in Irving, Texas, said Wednesday that it has agreed to be acquired by Apollo Global Management Inc. for a transaction valued at $5 billion.
Under the terms of the agreement, approved by Michaels' board, Apollo will begin a tender offer to buy shares for $22 each in cash. The purchase price represents a 47% premium to the closing stock price on Feb. 26, the last trading day prior to the media speculation about the potential deal.
In midday trading, shares rose 23%, or $4.17, to $22.19.
In this April 24, 2020, file photo, customers line up outside a Michaels store in Houston.
"The company's impressive growth transformation, including our financial and operational performance in the unprecedented environment of the pandemic, led to an unsolicited offer to buy the company," said James Quella, chairman of the Michaels Cos. board of directors.
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Company executives said that by going private, Michaels will have the financial flexibility to invest and improve its retail and online business.
Andrew S. Jhawar, senior partner and head of retail and consumer group at Apollo, said there's significant opportunity to improve the Michaels brand, store experience and online business across North America.
The deal includes a 25-day go-shop period that lets Michaels to solicit and evaluate other offers and to terminate the deal for a better proposal. UBS is acting as the company's exclusive financial adviser.
The company operates more than 1,275 Michaels stores in 49 states and Canada.
Toilet paper is back on shelves, but shoppers still have trouble finding these 5 things:
Toilet paper is back on shelves, but shoppers still have trouble finding these 5 things
Computer chip crunch hits car buyers
A global shortage of semiconductor chips, driven by limited supply and skyrocketing demand, is hitting not only the electronics industry but automakers as well. As cars have evolved to include more electronic features, they’ve relied on more semiconductor chips to produce. Demand for new vehicles has bounced back quickly from pandemic lows in early 2020, and the ongoing shortage could trickle down to consumers. Experts have said it could become more difficult for car buyers to find specific models or colors.
Where can I get a PS5?
2020 was the biggest year for video game hardware sales in a decade, according to a recent NPD Group report. But a combination of insatiable demand and supply chain issues, similar to what automakers are seeing, have limited the availability of new video game consoles, including the Xbox Series X and Playstation 5. Both Sony and Microsoft released their next-generation game consoles in late 2020. To the dismay of fans, they sold out almost instantly. Two months later, consumers are still scrambling to get their hands on the consoles, which can sell out online in a matter of seconds after new stock is posted. The boom in consumer electronics sales as more people stayed home during the pandemic is partially to blame, but Sony and Microsoft recently said they're both struggling with shortages of computing hardware as well. Earlier this month, Sony said the shortage of new consoles could get worse before it gets better and may continue through 2021.
The urge to get outside
Waiting lists to purchase popular Trek bikes at local shops have hundreds of names on them, and some models can take three to eight months to arrive, even at the company’s branded stores. Demand for outdoor exercise blossomed during the pandemic and hasn’t waned.
If you like that couch, buy it
Furniture retailers are encouraging shoppers to first shop in-stock products because of unpredictable delivery dates. That’s the message at Nebraska Furniture Mart, which says that because of the COVID-19 crisis, “manufacturing delays with many of our vendor partners are causing inventory shortages and shipping delays.”
Ammunition is ‘hell to find’
A confluence of political turmoil, pandemic hoarding and manufacturing problems has made firearm ammunition tough to find. There are shortages of rifle, shotgun and pistol ammo at some of the bigger stores such as Bass Pro Shops and Academy Sports. Some stores have dialed back on firearms and ammunition sales under political pressure at the same time that FBI statistics indicate a record number of gun sales in 2020.
The states hardest hit by COVID-19, and more trends in this week's data
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Led by the Global Alliance for Vaccines and the World Health Organization, COVAX aims to provide equitable Covid-19 vaccine access for 92 low/middle income governments through donations.
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You will find more infographics at Statista
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