CBS 11 Header TXA 21 Header MeTV Header KRLD Header The Fan Header
CBS DFW WEATHER APP: iPhone App Store | Android App Coming Soon | More Information

Business

Irving Based Michaels Declines In Return To Public Markets

View Comments
A Michaels store logo is seen on a shopping cart. (credit: Tim Boyle/Getty Images)

A Michaels store logo is seen on a shopping cart. (credit: Tim Boyle/Getty Images)

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up

From Our CBS Music Web Sites

454116976 Irving Based Michaels Declines In Return To Public MarketsKe$sha's Scandalous Pre-VMA Selfie

452359772 10 Irving Based Michaels Declines In Return To Public MarketsBikini Model Pictures

 alt=New Survivor Cast Photos

453947324 Irving Based Michaels Declines In Return To Public MarketsIce Bucket Challenge Fail

 alt=Musicians Then And Now

cowb thumb Irving Based Michaels Declines In Return To Public MarketsCowboys Cheerleaders

NEW YORK (AP) – Michaels’s stock is falling in its return to public markets.

The arts and crafts store operator’s shares dropped 21 cents, 1.2 percent, to $16.79 in morning trading on the Nasdaq.

Michaels Cos., which also runs the Aaron Brothers chain, priced an initial public offering of 27.8 million shares at $17 each, at the low end of its predicted range.

The Irving, Texas, company raised $472 million from the offering.

Michaels’ IPO was delayed two years after its then-CEO John Menzer resigned after a stroke. It comes at a time when the IPO market is heating up, as this is the third-busiest week for IPOs since 2000, according to Renaissance Capital.

Bain Capital and The Blackstone Group took Michaels private in 2006.

Michaels’ stock is trading under the “MIK” ticker symbol.

(© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

Latest News:

Top Trending:

View Comments