99-Cent Only Stores on Monday said a special committee has been appointed to evaluate a private equity-backed management buyout and any potential competing offers.

The Commerce-based discount retailer received a bid from the Schiffer-Gold family, which includes leading company executives, to take the company private for $1.34 billion in cash with backing from West Los Angeles-based Leonard Green & Partners L.P.

The Schiffer-Gold family, which owns about 33 percent of the company, is partnering with the Santa Monica private equity firm to offer other shareholders $19.09 per share, a 14 percent premium to the stock’s closing price on March 10, before the offer was first disclosed.

The company’s co-founder and chairman is David Gold. His son-in-law Eric Schiffer is chief executive, his son Jeff Gold is president and chief operating officer, and both are also directors. Another son, Howard Gold, is executive vice president of special projects.

“The Schiffer/Gold family has assured the company that they will support a full and open process and will consider other bidders arising from such process,” the company said in its announcement. The special committee is comprised of Lawrence Glascott, Marvin Holen and Peter Woo and has retained Lazard as financial advisor and Morrison & Foerster LLP as legal counsel.

Shares closed up 45 cents, or 2 percent, to $20.25 on the New York Stock Exchange.