|Bid||0.00 x 900|
|Ask||0.00 x 800|
|Day's Range||44.56 - 45.28|
|52 Week Range||22.63 - 45.28|
|Beta (3Y Monthly)||1.49|
|PE Ratio (TTM)||21.48|
|Earnings Date||Jan 29, 2020 - Feb 3, 2020|
|Forward Dividend & Yield||2.00 (4.49%)|
|1y Target Est||47.63|
We are still in an overall bull market and many stocks that smart money investors were piling into surged through the end of November. Among them, Facebook and Microsoft ranked among the top 3 picks and these stocks gained 54% and 51% respectively. Hedge funds' top 3 stock picks returned 41.7% this year and beat […]
NEW YORK, Dec. 05, 2019 -- Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”) today announced the appointment of Tetsuji Okamoto.
Moody's Investors Service ("Moody's") today assigned a B2 corporate family rating (CFR) and a B2-PD probability of default rating (PDR) to Terrier Media Buyer, Inc., doing business as Cox Media Group (CMG or the company). Concurrently, Moody's assigned a Ba3 rating to the company's senior secured credit facility, which consists of a $325 million revolver (due 2024) and a $1.875 billion term loan (due 2026), and a Caa1 rating to the company's $1.165 billion senior unsecured notes (due 2027). CMG was created when Terrier Media Buyer, Inc. (OpCo), an affiliate of investment funds managed by Apollo Global Management, LLC (Apollo), in connection with the agreement to acquire Cox Enterprises, Inc.'s (Cox, Baa2 stable) television and radio broadcasting businesses as well as Northwest Broadcasting's television business (Northwest) for around $3.9 billion.
Black Friday Turns Grety as Brick & Mortar Falls to Online Shopping More online sales were logged on Black Friday than at brick and mortar retailers according to preliminary data, though the day was still the busiest shopping day of the year. Store traffic on Thanksgiving evening itself though grew, which itself hurts Black Friday […]The post Market Morning: Grey Friday, Impossible Whopper Lawsuit, Apollo Wins Tech Data appeared first on Market Exclusive.
Berkshire did not respond to requests for comment. Apollo Global Management Inc agreed on Wednesday to pay $145 per share for Tech Data, sweetening its original $130 per share bid after a public company made a better offer. Citing Buffett, CNBC said that company was Berkshire, which offered $140 per share last week, and did not intend to go higher.
(Bloomberg) -- Warren Buffett has frequently touted his Berkshire Hathaway Inc. as a home for businesses away from what he said was the debt-fueled, quick-turnover appetite of private equity firms. But the Berkshire name wasn’t enough for Tech Data Corp.Berkshire made a $140-a-share bid for the distributor of technology products that was topped by a $145 offer from Apollo Global Management Inc., CNBC reported. The offer was another effort by the billionaire investor to put a chunk of his record $128 billion cash pile to use and signals that while Buffett is still on the prowl, he may not be willing to outbid private equity firms flush with money.Buffett has been stymied on the acquisition front in recent years, causing the billionaire investor to express frustration about the “sky-high” prices for decent businesses. He said earlier this year that he was working on a large deal in the fourth quarter of 2018 but it eventually fell through. The lack of deals has also pressured Buffett’s ability to maintain the stock returns that helped make him famous. Berkshire’s stock is on track for its worst underperformance since 2009.Berkshire’s interest forced Apollo to raise its bid to one that values Tech Data at about $6 billion, including debt. Tech Data helps bring products to market for firms such as Microsoft Corp. and Apple Inc., which is Berkshire’s largest public stock investment as it has a roughly $56 billion stake in the iPhone maker.“He’s just not going to throw the money out and earn a rate of return below what his minimum target is,” David Kass, a professor of finance at the University of Maryland’s Robert H. Smith School of Business. “He is Buffett because he’s patient.”Auction ProcessThe biggest private-equity firms are on a tear. Apollo’s Leon Black said earlier this month that the firm is on track to almost double its assets under management to $600 billion in five years. Apollo’s higher bid, announced Wednesday after the market closed, sent shares of Tech Data surging 12% to close at $144.89 Friday in New York trading.Tech Data, which was using Bank of America Corp. as its financial adviser, was engaged in a “go-shop” process. Buffett has typically avoided auctions where sellers seek the most money they can get, calling them a waste of time and a situation where he can’t win.A Tech Data buyout by Berkshire would have pushed the Omaha, Nebraska-based conglomerate further into the technology realm, an area that Buffett avoided for decades. It also would have added another family-built business to Berkshire’s mix of retailers, insurers and energy companies. Edward Raymund founded the company and his son Steven Raymund ran the firm for about two decades before becoming chairman. Steven Raymund stepped down in 2017.A potential acquisition by Berkshire would have just been a drop in the bucket for Buffett’s firm. The transaction value of $6 billion is just 4.7% of Buffett’s total cash pile.For Berkshire, the Tech Data saga likely ends here. Buffett isn’t planning to make a higher bid, according to CNBC. His appetite for a large buyout may continue.“We continue, nevertheless, to hope for an elephant-sized acquisition,” Buffett said in his annual shareholder letter released earlier this year.(Updates shares in sixth paragraph)\--With assistance from Amy Thomson.To contact the reporter on this story: Katherine Chiglinsky in New York at email@example.comTo contact the editors responsible for this story: Giles Turner at firstname.lastname@example.org, Michael J. Moore, Steven CrabillFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Warren Buffett will have to keep looking for a big buyout after Tech Data agreed to be bought by Apollo Global Management, outbidding Berkshire Hathaway.
A bid to buy the company for $140 a share came from none other than Buffett’s Berkshire Hathaway, according to CNBC. Apollo won out with a $145-per-share offer.
Tech Data shares surge Friday after the technology distribution company agreed to an improved $6 billion takeover from private equity group Apollo Global Management.
Tech Data shareholders will now receive $145 per share in cash, up from $130 per share, representing a premium of 12.4% to the stock's closing price on Nov. 27. Tech Data had said it would solicit alternative acquisition proposals from third-parties during a "go-shop" period until Dec. 9 as part of the deal agreement. The technology equipment distribution sector has attracted strong private equity interest in the last year.
Apollo Global Management, Inc. (APO) (together with its consolidated subsidiaries, “Apollo”), announced today that Leon Black, Chairman and Chief Executive Officer, will present at the Goldman Sachs Financial Services Conference in New York on Wednesday, December 11, 2019 at 12:30 p.m. EST.
(Bloomberg Opinion) -- Local news is in steep decline. A recent report from Pen America finds that the U.S. has lost more than 1,800 newspapers since 2004. The consequences include a decline in civic engagement and an increase in corruption. The report mentions how government officials in Bell, California, a city without a newspaper, were able to get rid of caps on their salaries and loot the public treasury.The report offers recommendations for philanthropists, tech companies, news outlets, governments and consumers who want to reverse the trend. But it cautions that there is no panacea. One of its ideas, though, may inadvertently move in the wrong direction.Pen America’s first suggestion for the government is that the Federal Communications Commission “restore pre-2017 regulations governing the ownership of TV stations, radio stations, and newspapers to prevent further consolidation and homogenization in local news media.” This move could backfire – and in one recent case, it already has backfired.Under its deregulation-minded commissioner Ajit Pai, the FCC in 2017 ended its restrictions on cross-ownership of broadcast outlets and newspapers in the same locality. In September, two judges in the Third Circuit Court of Appeals struck down the FCC’s rules changes on the ground that the commission “did not adequately consider the effect its sweeping rule changes will have on ownership of broadcast media by women and racial minorities.”That decision put a pending media deal on hold. Apollo Global Management Inc., a private-equity firm, recently formed Terrier Media to purchase media properties from Cox Enterprises Inc. and Northwest Broadcasting Inc. The new company would own 25 full-power TV stations covering roughly 13% of households with televisions.The Justice Department gave a go-ahead to the deal this spring. Since the deal complied with the FCC’s new ownership rules, it seemed to be only a matter of time before it could be consummated. Then came the September court decision, which goes into effect today. The rationale of the decision did not apply to the deal: Even opponents of the deal, such as Common Cause, have not alleged that it would reduce media ownership by women or racial minorities. Rather, the deal simply didn’t comply with the pre-2017 rules. In Ohio, for example, Cox owns three newspapers in places it also owns TV broadcasters. The FCC’s rules, both before and after 2017, allow this cross-ownership. But the old rules, coming back into effect, forbid the transfer of these properties to a new cross-owner.The FCC is appealing the court decision, but instead of waiting, Terrier decided to change the terms of the deal to fit the old rules. Among the changes: Terrier said it was willing to change the publication schedule for the three newspapers so that they would appear in print only three times a week.On Nov. 22, the FCC approved the deal on certain conditions - including that the publication frequency of those three newspapers be reduced. A spokesperson for Terrier Media says, “The new company does not want to scale back local daily news coverage but will do so if that’s what is required by the Third Circuit ruling.”It’s hard to see how this forced modification of the company’s plans serves the public interest.Jan Rybnicek, a senior fellow at George Mason University’s Global Antitrust Institute, told me, “The media ownership rules are fairly outdated.” They were established in 1975, he said, “when newspaper and television were the only outlets. Now there are more alternatives and many newspapers are struggling.”Pai, the FCC chairman, had this kind of scenario in mind when he pushed to relax the rules. Defending the action in the New York Times in 2017, he wrote, “There’s ample evidence that the cross-ownership rule has led to less local reporting … a company that owns both a newspaper and broadcast outlet is able to gather the news and distribute it more cost-effectively across its multiple platforms.”It may not be possible to bring local news back to its former health, and how to revive it is not clear. But government regulation doesn’t have to contribute to the problem.To contact the author of this story: Ramesh Ponnuru at email@example.comTo contact the editor responsible for this story: Tobin Harshaw at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Ramesh Ponnuru is a Bloomberg Opinion columnist. He is a senior editor at National Review, visiting fellow at the American Enterprise Institute and contributor to CBS News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
(Bloomberg) -- Europcar Mobility Group, one of the continent’s largest car rental agencies, is drawing interest from suitors including Apollo Global Management Inc. as it explores a potential sale of the company, people familiar with the matter said.The company has reached out to private equity firms including Cerberus Capital Management as it starts gauging interest from potential buyers, the people said, asking not to be identified as the matter is private. Europcar, which has a market value of 666 million euros ($734 million), is working with financial advisers as it considers selling part or all of the business, according to the people.Shares of Europcar jumped as much 9.4% in Paris morning trading Tuesday, on track for the biggest daily gain since May 2018. No final decisions have been made and an agreement might not be reached, the people said. Representatives for Europcar didn’t immediately respond to requests for comment. Representatives for Apollo and Cerberus declined to comment.Shares of Europcar have lost about three-quarters of their value through Monday since peaking in September 2017. The company’s biggest shareholder, Paris-listed investment firm Eurazeo SE, said this month it’s conducting a strategic review of options for its 29.9% stake in Europcar.The company has been hurt by falling U.K. tourist numbers and overall economic malaise in continental Europe. Last month, it reported third-quarter results that missed analysts forecasts and lowered its outlook for the rest of the year.Europcar operates through more than 3,500 locations in more than 140 countries, according to its website. It agreed this month to buy independent U.S. rival Fox Rent A Car to help it grow in North America.(Updates with share movement in third paragraph.)\--With assistance from Aaron Kirchfeld and Myriam Balezou.To contact the reporters on this story: Ed Hammond in New York at email@example.com;Dinesh Nair in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Ben Scent at email@example.com, ;Liana Baker at firstname.lastname@example.org, Dinesh NairFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
SPX Flow has agreed to sell what remains of its power and energy business to private equity firm Apollo Global Management for $475 million.
Moody's Investors Service ("Moody's") downgraded Intrado Corporation's ("Intrado") Corporate Family Rating (CFR) to B3, from B2, Probability of Default Rating to B3-PD, from B2-PD, senior secured ratings to B2, from B1, and the ratings for senior unsecured notes to Caa2, from Caa1. The ratings outlook is stable.
SPX FLOW, Inc. (NYSE: FLOW) (the "company") today announced that it has entered into a definitive agreement (the "purchase agreement") to sell a substantial portion of its former Power and Energy reportable segment ("the P&E; business") to an affiliate of funds managed by Apollo Global Management, Inc. (together with its consolidated subsidiaries, "Apollo") (NYSE: APO).
Triad Business Journal has learned the location targeted by The Fresh Market for its new headquarters. According to a handful of sources who spoke to TBJ, The Fresh Market will move into the Wells Fargo Tower at 300 N. Greene St. in downtown Greensboro. Fresh Market CEO Larry Appel told TBJ that the gourmet supermarket chain, founded in Greensboro by Ray and Beverly Berry in 1982, wants to keep its headquarters in the Gate City.
(Bloomberg) -- Apollo Global Management LLC is nearing a deal to buy SPX Flow Inc.’s power and energy business, according to people familiar with the matter.The private equity firm is in talks to buy the unit for $700 million, said one of the people, who asked not to be identified because the matter isn’t public. A deal could be announced in the coming days, this person said.SPX Flow’s shares rose 3% to $48.07 at 12:35 p.m. in New York trading Friday, giving the company a market value of about $2.05 billion. The stock is up about 37% in the past year.A final agreement hasn’t been reached and SPX Flow could still decide to keep the unit or sell it to another buyer, they said.Apollo is set to prevail over other potential buyers including First Reserve, which a person familiar with the matter said in August could combine the SPX Flow unit with its Trillium Flow Technologies.A representative for Apollo declined to comment. A representative for SPX Flow didn’t respond to requests for comment.SPX Flow, based in Charlotte, North Carolina, announced in May that it was looking at options for the business. It hired BNP Paribas SA as a financial adviser and said it intended to focus on its other divisions.Its power business manufacturers pumps, valves, filtration products and aftermarket parts under brands that include M&J Valve and ClydeUnion Pumps, for use in the energy industry, according to its website.The company was spun off from SPX Corp. in 2015. Its remaining business units after a sale of its power and energy operations would include those focused on transporting liquids in the food and beverage sector, as well as industrial liquids and its Bran+Lubbe metering pump,(Updates with share move in third pargraph.)To contact the reporter on this story: Kiel Porter in Chicago at email@example.comTo contact the editors responsible for this story: Liana Baker at firstname.lastname@example.org, Michael Hytha, Matthew MonksFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Intrado’s Claims Recovery business, known in the market as Accent, is a leading provider of healthcare payment integrity solutions to insurance companies and large self-funded organizations. “After further strategic review, we have decided to sell the Accent business to allow greater focus on our core cloud businesses,” said John Shlonsky, President and Chief Executive Officer of Intrado.