Michaels

  • 22 Jun 2006 at 4:34 PM
  • Michaels

Carlyle Dumps Michaels

The Carlyle Group has dropped out of a consortium bidding for Michaels Stores, Inc., the arts and crafts retailer being auctioned. The other members of the consortium are said to be Bain Capital, Blackstone Group and Thomas H. Lee Partners.
Earlier this week Carlyle dropped out of the bidding for Univision, a move that was followed by KKR and Blackstone dropping out a few days later.
This time the apparent reason for Carlyle’s move was potential overlap with Oriental Trading, a specialty-retailer Carlyle bought last week.
The main competing group of bidders for Michaels is said to be made up of Apollo, KKR and Texas Pacific Group. Reuters sources today could not confirm that the two groups submitted bids.

Carlyle drops out of bidding group for Michaels-source
[Reuters]