A.C. Moore to Be Acquired by Sbar's Affiliate for $1.60 per Share

A.C. Moore Arts & Crafts, Inc.

today announced that the Company has signed a definitive agreement to be acquired by an affiliate of Sbar's, Inc., one of the largest arts and crafts distributors in the United States, for $1.60 per common share in cash. The Agreement and Plan of Merger was unanimously approved by A.C. Moore's Board of Directors, upon the unanimous recommendation of a Special Committee of the Board, which was comprised solely of non-employee independent directors. The Special Committee was formed in January 2011 to oversee a review of strategic alternatives that was initiated following the Company's receipt of unsolicited expressions of interest.