A.C. Moore acquired by N.J. craft distributor in 39M deal

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In a deal worth approximately $39.4 million, A.C. Moore Arts & Crafts Inc. announced Tuesday it has agreed to be acquired by Sbar’s Inc. and taken out of public trading. The acquisition will be funded through cash and financing, and is expected to be complete by the end of the year.In a deal worth approximately $39.4 million, A.C. Moore Arts & Crafts Inc. announced Tuesday it has agreed to be acquired by Sbar’s Inc. and taken out of public trading. The acquisition will be funded through cash and financing, and is expected to be complete by the end of the year.

Sbar’s is a large arts and crafts distributor that started in Camden and now has a 300,000-square-foot distribution center in Moorestown, home of A.C. Moore. The company also operates a chain of stores in Virginia.

According to A.C. Moore’s second-quarter fiscal report, the company has more than 24.6 million outstanding shares of stock. Sbar’s purchase price is $1.60 per share, a 68 percent premium, based on Monday’s market close.

The agreement, according to the announcement, is the result of recommendations put forth by a special committee formed to review strategic alternatives after A.C. Moore received unsolicited notifications of interest.

“After conducting a thorough review of alternatives, the special committee and the board of directors unanimously concluded that his transaction with Sbar’s is in the best interest of our key stakeholders,” said Michael Joyce, chairman of A.C. Moore’s board and member of the special committee.

Requests for further comment were not immediately returned.