Apollo Had A Rough Quarter
Apollo Global Has A Unique Growth Engine
Ashleigh Rogers • 28 Comments
Ashleigh Rogers • 28 Comments
Mon, Jul. 25, 8:36 AM
- Outerwall (NASDAQ:OUTR) announces it will be acquired by affiliates of Apollo Global Management (NYSE:APO) for $52 per share in a deal that will see the company go private.
- The total enterprise value of the deal is $1.6B, including debt. The transaction is expected to close in Q3.
- OUTR closed at $46.91 on Friday. Shares are currently under a Nasdaq trading halt.
Fri, Jul. 15, 4:30 PM
- Ferro (NYSE:FOE) -10.3% AH following a Reuters report that it turned down takeover offers from P-E firms Apollo Global Management (NYSE:APO) and CVC Capital Partners as too low.
- FOE's board reportedly met this week and rejected the offers, which were below the company's current trading price of ~$14/share.
- FOE may explore other alternatives if the P-E firms fail to improve their offers, and may consider making an acquisition itself, according to the report.
Wed, Jun. 29, 9:23 AM
- The all-cash deal works out to $30.25 per share, about 26% higher than yesterday's close and 58% above the price in February when the company announced its intention to look into a sale.
- There is no financing contingency, and the deal is expected to close over the next few months.
- SA contributor Chris DeMuth has suggested DRII could be worth $36-$39 per share to a buyer like Wyndham (NYSE:WYN).
- DRII +24% premarket to $29.82.
Wed, Jun. 29, 8:18 AM
Thu, Jun. 2, 2:33 PM
- Concordia Healthcare (CXRX -14.2%) was up big earlier today on a rumor Blackstone (NYSE:BX) was near a deal to purchase. Now the WSJ is reporting both Blackstone and The Carlyle Group (NASDAQ:CG) did not submit final bids which were due on Tuesday, leaving Apollo Global (NYSE:APO) as potentially the last P-E suitor standing.
Fri, Apr. 22, 9:10 AM
- The tender offer expired at midnight, with a total of 32.1M shares, or about 68.2% of the float, offered at a price of $28.50 each.
- Funds affiliated with Apollo (NYSE:APO) will thus take The Fresh Market (NASDAQ:TFM) private.
- Source: Press Release
- Now read: Village Farms: Rare Undervalued Equity Investment Opportunity In The AgTech Sector (April 5)
Tue, Apr. 19, 8:39 PM
- Yahoo (NASDAQ:YHOO) didn't say anything about its sales process during its Q1 earnings webcast, and swore off giving any updates along the way.
- But speculation about the shortlist is mostly on the mark, according to the latest from Reuters, which says Verizon's (NYSE:VZ) there (with help from Guggenheim, LionTree, Allen & Co.), along with Yellow Pages owner YP -- which has backing from AT&T (NYSE:T) on the bid, sources said.
- Japanese online retailer Rakuten (OTCPK:RKUNY) is a new name that's kicking tires as well. Among private equity, Apax Partners, TPG, Bain Capital, Apollo Global Management (NYSE:APO) and Warburg Pincus are all accounted for, and may be allowed to team up in round 2.
- No two offers were identical, sources said, so Yahoo now must look at the structures, assets and offers to sort out value -- hopefully in time to wrap up in June.
- SoftBank (OTCPK:SFTBY) and Alibaba (NYSE:BABA) aren't taking part -- but they could get involved with the company after the fate of its core assets is settled.
- YHOO wrapped an after-hours session up 1.1%.
- Now read Yahoo: Who's Ready To Take On A Legacy Digital-Native Media Turnaround? »
Mon, Apr. 18, 11:56 AM
- Glass and metal packaging company Ardagh is the lead bidder for assets that Ball (BLL +2.3%) and Rexam (OTCPK:REXFF) are selling as part of their merger, potentially fetching ~$4B, Bloomberg reports.
- Apollo Global Management (NYSE:APO), Blackstone (NYSE:BX) and Madison Dearborn Partners also are among bidders for the assets, according to the report.
- In January, the EU approved BLL’s £4.4B ($6.3B) takeover of Rexam, creating the biggest maker of food and beverage cans, after agreeing to sell 12 plants on the continent to eliminate antitrust concerns.
- Now read Ball upgraded at J.P. Morgan; Rexam risk/reward seen as more favorable
Tue, Mar. 15, 10:31 AM
- Ferro (FOE +7.2%) spikes after a Bloomberg report that it recently received a takeover approach from Apollo Global Management (APO -1.3%).
- FOE rebuffed the initial approach, but it is not clear whether the maker of chemicals for the manufacturing industry plans to engage in negotiations or if APO plans to return with a fresh proposal, according to the report.
- Activist investor FrontFour Capital yesterday released a letter calling for FOE to pursue strategic alternatives, including a potential sale of the business.
Mon, Mar. 14, 7:43 AM
- Shares of The Fresh Market (NASDAQ:TFM) soar in early trading after the company agrees to a cash tender offer from P-E firm Apollo Global Management (NYSE:APO).
- The P-E firm will pay $28.50 per share for the grocery store chain for a deal price of $1.36B.
- Under the terms of the deal, The Fresh Market has 21 days to solicit other offers, putting Kroger (NYSE:KR) on a short clock.
- Previously: Reuters: Apollo nears deal to acquire The Fresh Market (Mar. 13 2016)
- TFM +22.93% premarket to $28.25.
Sun, Mar. 13, 5:37 AM
- Private equity firm Apollo Global Management (NYSE:APO) is nearing a deal to acquire The Fresh Market Inc (NASDAQ:TFM) for $28.50 per share in cash, or more than $1.3B, in a move that could derail bids from Kroger (NYSE:KR), KKR, and TPG Capital.
- Sources told Reuters that an agreement could be announced as early as Monday, but cautioned that a deal had not yet been finalized and was still possible to be amended or fall apart at the last minute.
Tue, Mar. 8, 3:41 PM
- Anonymous Content -- the producers of the last two Best Picture Oscar winners, Spotlight and Birdman -- is shopping itself for a sale or major investment and drawing some reported interest from a number of media firms.
- The Wall Street Journal points to several names that might invest at a valuation of $200M for the company: Viacom (VIA, VIAB), Metro-Goldwyn-Mayer, Vivendi (OTCPK:VIVHY) and Endemol Shine (FOX, FOXA, APO).
- Anonymous Content is seeking a buyer with nice market timing for content -- which is drawing increasingly higher prices from a growing pile of stakeholders -- but at a price that amounts to nearly 40 times its annual cash flow of $5M.
- Along with its Oscar chops, the firm's also behind The Revenant (which won an Oscar for star Leonardo DiCaprio) and regarded television series Mr. Robot and True Detective. And it manages hundreds of creatives in the film/TV field.
Thu, Mar. 3, 6:18 PM
- P-E firms Blackstone (NYSE:BX) and Onex are teaming up to bid for Philips' (NYSE:PHG) lighting unit, which could be worth €4.5B-€5B, WSJ reports.
- Apollo Global (NYSE:APO) and U.K.'s Melrose Industries also are competing for the unit, according to the report.
- The lighting unit, which includes PHG's traditional lamps operation as well as a business that makes lamps with energy-efficient LEDs, had €7.4B in sales last year.
Mon, Feb. 15, 7:53 PM
- Apollo Global Management (NYSE:APO) is nearing a deal to acquire security firm ADT, The Wall Street Journal is reporting.
- An announcement could come tomorrow. ADT's market cap is over $4.5B, after a stock decline of nearly 30% over the past 12 months, though with debt the deal could rise over $10B. At its most recent quarter, ADT reported $5.4B in total debt, which would make this deal one of the biggest leveraged buyouts in recent years.
- Last spring, Apollo moved to buy ASG Security and combine it with Protection One.
Mon, Jan. 11, 5:03 PM
- Apollo Education is now up 23%, bouncing off a 52-week low of $6.31, after Dow Jones' report that it was in "advanced talks" to be bought out by Apollo Global Management (NYSE:APO) for about $1B.
- A deal could be reached in the next few weeks, sources said. Apollo Education (NASDAQ:APOL) -- no relation to the private-equity firm -- said its board was in talks that could "potentially lead to a change of control of the company."
- It had been in talks with other P-E firms, but AGM is the last one reportedly standing. The company is controlled by its chairman, Peter Sperling, and a trust.
- Earlier, Apollo Education posted its third loss in four quarters, with EPS of -$0.56/share in GAAP terms. Excluding restructuring costs, its profit/share of $0.29 missed by $0.02.
- Shares are down 54% over the past six months and down 76.3% over the past year. They'd lost 16.8% of value already in 2016.
- Previously: More on Apollo Group's FQ1 (Jan. 11 2016)
- Previously: Apollo Education eyes strategic options (Jan. 11 2016)
- Previously: Apollo misses by $0.02, misses on revenue (Jan. 11 2016)
Mon, Jan. 11, 4:12 PM
- Blackstone (NYSE:BX) could have interest in entering the nontraded REIT business, says FBR's Daniel Altscher, and buying NorthStar Asset Management (NYSE:NSAM) could be a way in.
- As for Apollo Global (NYSE:APO), Altscher reminds it tried, but failed to buy AR Capital last year.
- Other possible suitors include traditional asset managers, brokers, sovereign wealth funds, PE funds, and insurance companies.
- NorthStar's "stable income stream" could be used to support a far higher debt level, says Altscher, and the sale price could end up being at a meaningful premium to the current level. The stock gained 11% today, but is off more than 40% Y/Y.
- As for NorthStar Realty Finance (NYSE:NRF) and NorthStar Realty Europe (NYSE:NRE), a sale of either is unlikely, says Altscher.
- Previously: Strategic alternatives at NorthStar Asset Management; stock up 3.3% (Jan. 11)
Apollo Global Management LLC is a global alternative investment manager. It is a contrarian, value-oriented investors in private equity, credit-oriented capital markets and real estate. The company raises, invests and manages funds on behalf of some of the world's most prominent pension and... More
Industry: Diversified Investments
Country: United States
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