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On The Block

City of Commerce, Calif.-based 99-Cent Only Stores’s board formed a special committee of independent directors to consider the $19.09-a-share acquisition offer from members of the Schiffer/Gold family and Leonard Green & Partners LP. The committee was also asked to consider other proposals and strategic alternatives. It hired Lazard to serve as financial adviser and Morrison & Foerster LLP as legal counsel. 99-Cent Only Stores operates 285 stores in California, Texas, Arizona and Nevada.

Constellation Software Inc.’s board is reviewing strategic alternatives and it hired BofA Merrill Lynch and BMO Capital Markets as advisers. Constellation is a Toronto, Canada-based provider of software and services with offices in North America, Europe and Australia. For 2010, its total revenue rose 44 percent to $630.9 million from a year earlier. The increase reflects the acquisition of Public Transit Solutions in November 2009. Constellation said its organic revenue growth in 2010 was negative 4 percent, and the rate was 2 percent excluding the Public Transit Solutions business.

Liquidation World Inc.’s board formed a special committee to evaluate both strategic and financial alternatives. The Brantford, Ontario-based operator of close-out discount stores hired RBC Capital Markets to assist with the process. In mid-March, Liquidation World announced plans to cut its staff by about 20 percent to reduce costs and preserve cash. It expected the plan would reduce operating expenses by more than $2 million on an annualized basis. Liquidation World has 93 stores and more than 1,500 employees.

Skilled Healthcare Group Inc. will explore strategic alternatives with the help of J.P. Morgan Securities LLC. The review will consider the possible sale of the entire Foothill Ranch, Calif.-based health care holding company. It will also look into the sale of real estate assets. Skilled Healthcare Group has 74 skilled nursing and 22 assisted living facilities, with operations in California, Iowa, Kansas, Missouri, Nebraska, Nevada, New Mexico and Texas.