Applus shares rise after Apollo buys 22% stake
24/01/2024 08:23
** Shares in Applus APPS.MC rise around 5% after American
buyout firm Apollo bought almost 22% of the Spanish industrial
company at 10.65 euros per share
** Apollo made a cash bid for Applus in June at 9.50 euros
per share, valuing the company at 1.23 billion euros
** CM Capital Markets says the news is positive for the
stock as the new offer is above the counter bid launched by the
funds ISQ and TDR at a price of 9.75 euros per share
** In September, Amber - a vehicle of infrastructure fund I
Squared Capital Advisors and TDR Capital - offered to pay 9.75
euros per share for Applus
** If gains hold, the stock will see its best day since late
June
(Reporting by Matteo Allievi)
((Matteo.allievi@thomsonreuters.com))