- 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)
Apollo to acquire CEC in deal worth $1.3B.
Jan 16 2014, 07:34 ET