Apollo Global Management, LLC (NYSE: APO) is reportedly seeking to acquire timeshare company Hilton Grand Vacations (NYSE: HGV) for about $40 a share, Bloomberg reported Monday, citing people familiar with the matter.
BUY $HGV - $APO TO BID $40 PER SHARE FOR $HGV
— FastestTradingSignals (@FastestSignals) October 14, 2019
Blackstone Group Inc (NYSE: BX) also bid on the timeshare company, Bloomberg said.
In August, the New York Post reported the bid by Apollo was indicated at as much as $36 a share.
Hilton shares jumped on the news Monday and were trading 6.3% higher at $34.70 at the time of publication. The stock has a 52-week high of $36 and a 52-week low of $24.16.
Apollo shares were trading down slightly at $38.71, while Blackstone shares were down 1.34% at $46.48.
Apollo reportedly wants to merge Hilton with Diamond Resorts, a company it purchased in 2016.
Benzinga has contacted the private equity firm for comment.
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