99 Cents Only Stores Continues Trading Higher Than Offer Price (NDN)

While off the highs of the session at $19.92, shares of 99 Cents Only Stores NDN shares continue to trade higher than the $19.09 per share CASH offer that it received to go private this morning.

Private equity firm Leonard Green and the Schiffer/Gold family made the offer this morning, which suggests that investors expect a higher bid, perhaps near $20 or so.

Analyst Brian Sozzi, of Wall Street Strategies, was quoted by Reuters saying he sees the chances of a raised bid, but not an alternative bidder.

"It might be on the low side. I can make the case for over $20. It's tough [alternate bid] because it looks like the family is involved here and they have a significant stake," said Sozzi.

Wedbush Securities analyst Joan Storms echoed these sentiments, but strayed from Sozzi's thought of an alternate bidder. Storms said a bid of around $20 or $21 could emerge. "There may be a competing offer that may emerge," she said. "Probably another private equity company that specializes in the consumer."

For now, the company is weighing the offer it received from the consortium.