NEW YORK (AP) — Arts and crafts retailer Michaels is going private. The Irving, Texas-based retail chain said Wednesday it has agreed to be acquired by Apollo Global Management in a $5 billion deal. Under the terms of the agreement, approved by Michaels’ board, Apollo will begin a tender offer to buy all outstanding shares of Michaels for $22 each in cash. That price represents a 47% premium to the closing stock price on Feb. 26, the last trading day before media speculation about the potential deal. The agreement includes a 25-day go-shop period which lets Michaels solicit and evaluate other offers and to terminate the deal for a better proposal.