- Ryder System ( NYSE: R ), which reportedly is being pursued by Apollo Global ( NYSE: APO ) , dropped 3% at least partly amid news that banks shelved a $3.9 billion debt sale for a Brightspeed LBO amid tepid investor interest.
- A group of banks shelved a deal to help fund Apollo's acquisition of the telecom and broadband assets from Lumen ( LUMN ), which will be branded as Brightspeed, according to traders, who cited a Bloomberg report.
- Bloomberg reported on Tuesday that Apollo ( APO ) was exploring a takeover of the transportation and logics firm Ryder ( R ), though warned that no deal has been reached and talks collapsed. In a separate piece about banks and LBOs on Thursday, Bloomberg reiterated that a deal isn't certain and could fall apart potentially due to debt markets.
- Also see, Tenneco dropped amid report banks shelved both debt offerings for Brightspeed LBO.
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Ryder System falls amid report about banks struggling with LBO deals