RPT-COLUMN-OPEC should let oil prices rebalance the market: Kemp
LONDON, June 28 The 1980s film “WarGames” contains an important lesson for OPEC and shale producers about the futility of trying to manage the oil market.
June 16 Arts and crafts retailer Michaels Companies Inc said it expected to raise up to $528 million in its initial public offering.
Michaels, which was taken private by Blackstone Group LP and Bain Capital LP for $6 billion in 2006, filed for an IPO of up to $500 million in March 2012.
That, however, was postponed after then-Chief Executive John Menzer had a stroke and stepped down.
Bain and Blackstone will each own 40.1 percent of Michaels shares after the offering.
The Irving, Texas-based company withdrew the IPO last December after going through a reorganization, immediately refiled under a new name and then updated its registration documents in May.
Michaels, which owns several private brands such as Recollections, Artist's Loft and Loops & Threads, competes with Hobby Lobby Stores Inc, Jo-Ann Stores Inc and Wal-Mart Stores Inc.
Michaels had 1,262 stores, as of May 3, and about $4.6 billion in sales in the year ended Feb. 1, 2014.
The company's offering of 27.8 million shares is expected to be priced at between $17 and $19 each, Michaels said in a filing with the U.S. Securities and Exchange Commission on Monday. (r.reuters.com/fym22w)
Michaels said it plans to use the proceeds from the offering to redeem $466 million of Holdco notes, issued in July 2013.
J.P. Morgan and Goldman Sachs & Co are the lead underwriters of the offering.
The company plans to list its stock on the Nasdaq under the symbol "MIK". (Reporting by Amrutha Gayathri in Bangalore; Editing by Ted Kerr)
BRUSSELS, June 28 (BRUSSELS) - Google's clash with EU antitrust enforcers has echoes of Microsoft's decade-long regulatory battle, a legacy that parent company Alphabet should bear in mind as it considers challenging the Commission, lawyers and fund managers said.