Sbar's Acquisition Corporation Commences Tender Offer for All Outstanding Shares of A.C. Moore Arts & Crafts for $1.60/Share

A.C. Moore Arts & Crafts, Inc. ACMR and Sbar's, Inc. today announced that Nicole Crafts LLC and Sbar's Acquisition Corporation, affiliates of Sbar's, have commenced the previously-announced tender offer for all of the outstanding shares of common stock of A.C. Moore for $1.60 per share, net to the seller in cash without interest. On October 4, 2011, A.C. Moore and Sbar's announced that A.C. Moore and affiliates of Sbar's had entered into an Agreement and Plan of Merger (the “Agreement”), pursuant to which a tender offer would be made. Pursuant to the Agreement, after completion of the tender offer and the satisfaction or waiver of certain conditions, Sbar's Acquisition Corporation will merge with and into A.C. Moore, with A.C. Moore continuing as the surviving corporation, and all outstanding shares of A.C. Moore's common stock (other than shares of common stock held by Nicole Crafts LLC, Sbar's Acquisition Corporation or by shareholders who are entitled to and have properly exercised their dissenters rights under Pennsylvania law) will be automatically cancelled and converted into the right to receive cash equal to the $1.60 offer price per share. The parties have agreed to proceed with a one-step merger transaction if the tender offer is not completed.