ARNC - Apollo Global said to consider bid of at least $27 a share for Arconic - report

2023-03-30 13:38:39 ET

Apollo Global ( APO ) is said considering offering as much as $2.78 billion for Arconic ( NYSE: ARNC ).

The private equity firm is evaluating making an offer of around $27 or $28 a share by early April, according to traders who cited a Bloomberg report. Apollo ( APO ) has lined up financing with banks for a bid, though it's plans aren't finalized and it could still decide not to go forward with an offer.

The latest story comes after Dealreporter on Wednesday reported that private equity firm s Carlyle Group ( CG ) and Lone Star Funds have joined Apollo Global ( APO ) in the sales process for the company. Apollo ( APO ) appears to be ahead of the other bidders and is looking for other bidders to submit offers over the next month.

The WSJ last month reported that Apollo ( APO ) was is in discussions to purchase the aerospace-parts make , driving the shares up almost 20% on Feb. 28. Apollo ( APO ) submitted the offer last month and has debt financing in place, according to the WSJ report.

The potential Arconic ( ARNC ) deal comes after media reports in 2018 that Apollo (APO ) was in talks to buy Arconic for more than $11 billion. The deal never came to fruition and Arconic in 2020 s plit itself into two companies , Arconic and Howmet Aerospace ( HWM ).

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