Arconic weighs $11 billion offer from Apollo: sources [Reuters]
Arconic Corporation (ARNC)
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Source: Reuters
Arconic weighs $11 billion offer from Apollo: sources | Reuters 3 Min Read (Reuters) - Aluminum products maker Arconic Inc’s ( ARNC.N ) board of directors is mulling an $11 billion acquisition offer it received last Friday from buyout firm Apollo Global Management LLC ( APO.N ), according to people familiar with the matter. The offer is at a small premium to where Arconic shares are trading, adding pressure on the U.S. company to decide if it will remain independent after President Donald Trump’s imposition of aluminum tariffs drove up its costs this year and weighed on business prospects. Apollo’s offer values Arconic at between $23 and $24 per share, one of the sources said. Arconic shares ended trading on Monday at $21.45. Arconic had $6.3 billion in total debt and cash of $1.46 billion as of the end of June. Another bidding group, comprising buyout firms Blackstone Group LP ( BX.N ), Carlyle Group LP ( CG.O ), Onex Corp ( ONEX.TO ) and Canada Pension Plan Investment Boar
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