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Michaels (MIK) Stock Plummets on Secondary Offering

NEW YORK (TheStreet) -- Shares of Michaels (MIK) closed down 6.06% to $27.13 today on heavy trading volume after the company announced it priced a previously-disclosed secondary offering of 11 million shares of common stock at $27.85 per share.

The company will not receive the proceeds from the offering but it will all go to the selling stockholders, according to a company statement.

Michaels will purchase 1 million of the 11 million shares offered to the public from the underwriter, Morgan Stanley.

The company anticipates the deal will close on July...