Settlement clears path for Apollo Education buyout
Some Apollo Education investors had challenged the takeover in court but on Monday they agreed to end their litigation in a sign they were prepared to back the deal. The agreement comes after Apollo Global Management, together with co-investors The Vistria Group and Najafi Companies, increased its bid from $9.50 a share to $10, making a “best and final” all-cash offer that values Apollo Education at $1.14bn.
Today's trading volume was 6,929,435. That tells you institutions have bought in, whiles traders still trade in and out. With all the good prospects coming up shortly, JVA has much to gain.
Short interest is only 0.32%, or 17,700 shares. My guess is that the retail investors holding the stock for years at a depressed price jumped on the opportunity to sell, while institutions bought in. It's a change of shareholder ownership, a good sign for current shareholders.