"Prestige Cruises International Inc. in a deal valued at about $3.03 billion, gaining the owner of eight luxury vacation ships.
Norwegian will finance the purchase with cash, debt and about 20.3 million shares of common stock, according to a statement today. Those shares were valued at $670 million. Prestige is owned by private-equity firm Apollo Global Management LLC (APO), which also has a 20 percent stake in Norwegian."
WH IS THIS STOCK NOT SOARING?
I believe its on the heals of an appeal by bondholders on the momentive situation and i just read that ceasars bondholders just filed a suit so there may be some hesitation.... though i dont consider it anything new, let the dip below the 52 week point spurn some opportunism.
Asset Sales + future IPOs + asset debt restructuring + euro assets appreciation
and not to mention we are "well positioned" for rising interest rates.
Looks good going forward. CZR chart overlaid on APO chart is painful, BUT
am of the opinion there will be a successful resolution... its what they do, right?
Would be nice to get share price off the floor...kinda crazy. IMHO $50 stock.
Maybe the gods will favor us...30 would be much better than this level. GLTA.
Found this story through my Quicken software. APO is the majority shareholder and the sale amounts to $26/share or $2.8 Billion cash. Story says closing should occur in 4th quarter of 2014.
This story is on the Yahoo APO site as a Press Release from yesterday.
The group is generally down. I don't think it is anything specific to APO. Look at charts for APO, KKR, BX, and CG. They don't look all that different. Note the comment from Citi today: http://blogs.barrons.com/focusonfunds/2014/09/16/citigroup-alternatives-are-oversold/?mod=yahoobarrons&ru=yahoo
Of course - I this doesn't make watching it go down any less pleasant, and it is up to you to decide whether there is a future here. Personally, I am long and the dividends have helped ease the drop. I think this APO is well positioned and there are very good gains to be had over the next 24-36 months.
IF these guys are not worried, I am not worried.
Paulson & Company, Inc. 13,693,700 9.49 247,582,096 Jun 30, 2014
Cooperman, Leon G. 6,991,033 4.85 126,397,876 Jun 30, 2014
Soros Fund Management LLC 6,604,383 4.58 119,407,244 Jun 30, 2014
Mason Capital Management, LLC 3,692,325 2.56 66,757,236 Jun 30, 2014
Vanguard Group, Inc. (The) 3,076,063 2.13 55,615,219 Jun 30, 2014
Apollo Management Holdings, L.P. 26,495,302 18.37 479,035,060 Jun 30, 2014
Canyon Capital Advisors LLC 2,655,707 1.84 48,015,182 Jun 30, 2014
Nokota Management, LP 2,350,000 1.63 42,488,000 Jun 30, 2014
Oz Management, L.L.C. 2,054,370 1.42 37,143,009 Jun 30, 2014
HG Vora Capital Management, LLC 1,800,000 1.25 32,544,000 Jun 30, 2014
czr fundamentals are maybe the worst
This may explain last Monday's very heavy early volume. Should provide a nice boost.
Agree with GG. Someone is pushing this down and will turn around and buy for a quick 20%. Earnings will be important this quarter and could put a floor under this at around 22. My read on this has been completely wrong as I thought it would hold at 26. I am adding at these levels because the dividend at no less than $2 per year is attractive. Someone on this board posted long ago that this was going to 18. Hat's off to them as it is closer to 18 today tan the 32 it was at when they posted. While still bullish on the sector and this name, its been very tough to watch.