Apollo to acquire CEC in deal worth $1.3B.


Apollo Global (APO) confirms that it has agreed to acquire CEC Entertainment (CEC +11.5%), the operator of the Chuck E. Cheese restaurant chain, for $1.3B including debt.

Apollo will pay $54 a share, or a premium of approximately 25% over CEC's closing share price on January 7, the last trading day prior to speculation about a possible deal. (PR)

CEC is also adopting a poison pill with a trigger of 10% in order to ensure "a fair and orderly process and to maximize shareholder value" in connection with the company's sale." The plan won't stop a superior offer being made for CEC. (PR)

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