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SNX - Rumored Apollo Bid Continues To Undervalue Tech Data
Synnex Corporation
Apollo has reportedly bid $130 in cash per share for Tech Data (TECD). The news story came from Reuters earlier this week, with sources identified as “people familiar.” Neither the company nor Apollo have made any comments. With the stock at $125, and knowing that Apollo is very unlikely to show their best price in initial negotiations, I am not a seller.
With comps trading at an average of 7.7x EBITDA, and 11x earnings, $130 looks to be even lower than were public peers are trading TODAY. Apollo is hoping to steal this,