CPP Dollar Store

October 17, 2011 by staff 

CPP Dollar StoreCPP Dollar Store, The Canada Pension Plan Investment Board has partnered with a U.S. investment bank to buy 99 Cent chain store only U.S. and 1.6 billion.

The investment arm of the CPP is committed to team up with New York-based Ares Management to buy the chain of 289 stores throughout California, Texas, Arizona and Nevada.

The association did not disclose details of the breakdown of ownership. It said in a statement, however, they will pay and 22 U.S. per share of 99 Cent Only – a 32 percent premium to the price of the shares in the company March 10, 2011, when he first received a purchase offer from another company.

The price represents a premium of 7.3 percent to the price of company stock at market close on Monday.

The CPPIB invests the funds not needed by the Canada Pension Plan to pay current benefits on behalf of 17 million Canadian contributors and the fund had beneficiaries.The and 153.2 billion in assets at the end of June.

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