I wrote last month that Apollo Education Group (NASDAQ:APOL) looked like a good trade, after the company announced it was considering strategic alternatives following its fiscal Q1 earnings report, piggybacking off a Wall Street Journal report citing Apollo Global Management (NYSE:APO) as a potential suitor, with a deal estimated in the range of $1 billion. I even executed the trade myself, quite a reversal given my exceedingly bearish view of the company and management in the quarters heading into the report.
And indeed, AGM, in partnership with two other investors, announced Monday morning it would buy APOL for $9.50 per share, a 37% premium to Friday's close of $6.95. Shares had gained strongly...
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