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APOLLO GLOBAL MANAGEMENT, INC.

(APO)
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Apollo in Talks to Join Consortium for Morrisons Offer; Rules Out Rival Bid -- Update

07/20/2021 | 03:21am EDT

By Adria Calatayud

Apollo Global Management Inc. said Tuesday that it is in talks with SoftBank Group Corp.'s Fortress Investment Group LLC to join a consortium bidding for U.K. grocer Wm. Morrison Supermarkets PLC, and ruled out a rival offer.

New York-based Apollo said its preliminary discussions with Fortress--which led a group of investors that earlier this month agreed to buy Morrisons for 6.3 billion pounds ($8.62 billion)--may result in funds managed or advised by Apollo forming part of the consortium.

As a result, Apollo said it doesn't plan to make a separate offer for Morrisons.

On July 5, Apollo said it was considering making a bid for the U.K. grocer. That move came two days after the Fortress-led consortium agreed to buy Morrisons, and fueled hopes for a three-way bidding fight among Apollo, Fortress and U.S. private-equity firm Clayton Dubilier & Rice LLC, which in June made an approach for Morrisons that was rejected by the grocer's board.

Shares in Morrisons on Monday closed at GBP2.62 apiece, above the price in the offer from the Fortress-led consortium, suggesting that investors anticipated a higher bid. The all-cash offer from the Fortress-led consortium valued Morrisons at GBP2.54 a share, including a two-pence special dividend.

New York-based Fortress joined forces with the Canadian Pension Plan Investment Board and the real-estate arm of Koch Industries, a private conglomerate headed by billionaire Charles Koch, in its offer for Morrisons. At the time, the consortium said that it would support Morrisons management's existing strategy and that it didn't plan to launch any material store sale-and-leaseback deals.

Apollo said it would be fully supportive of Fortress's intentions regarding Morrisons, if their discussions lead to a deal.

There can be no certainty that an agreement will be reached, Apollo said.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

07-20-21 0320ET

Stocks mentioned in the article
ChangeLast1st jan.
APOLLO GLOBAL MANAGEMENT, INC. 1.20% 59.13 Delayed Quote.19.29%
SOFTBANK GROUP CORP. -4.98% 6329 End-of-day quote.-21.46%
WM MORRISON SUPERMARKETS PLC 0.31% 293 Delayed Quote.64.70%
WTI 0.31% 70.779 Delayed Quote.48.70%
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Financials (USD)
Sales 2021 2 183 M - -
Net income 2021 - - -
Net Debt 2021 - - -
P/E ratio 2021 -
Yield 2021 3,38%
Capitalization 13 762 M 13 762 M -
Capi. / Sales 2021 6,31x
Capi. / Sales 2022 5,72x
Nbr of Employees 1 825
Free-Float 90,9%
Chart APOLLO GLOBAL MANAGEMENT, INC.
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Apollo Global Management, Inc. Technical Analysis Chart | APO | US03768E1055 | MarketScreener
Technical analysis trends APOLLO GLOBAL MANAGEMENT, INC.
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Mean consensus OUTPERFORM
Number of Analysts 11
Last Close Price 58,43 $
Average target price 69,22 $
Spread / Average Target 18,5%
Managers and Directors
Marc Jeffrey Rowan Chief Executive Officer & Director
Scott Martin Kleinman Co-President & Director
James Charles Zelter Co-President & Director
Martin Kelly Co-Chief Operating & Financial Officer
Walter Clayton Non-Executive Chairman
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