Hilton Grand Vacations drops as Apollo to offload shares
BUZZ-Hilton Grand Vacations drops as Apollo to offload shares ** Timeshare operator Hilton Grand Vacations' HGV.N shares down 2.6% post-market to $50.70 after secondary offering news
** Orlando, Florida-based HGV says entities managed by Apollo Global Management APO.N to part with 5 mln shares
** Also, HGV to concurrently repurchase up to 750,000 of offering shares from the underwriters that doesn't exceed $40 mln worth
** Wells Fargo lead bookrunner for offering
** Apollo owns ~18.25 mln shares, roughly 23% of HGV's ~79.76 mln shares outstanding, according to LSEG data
** HGV shares ended down 2% at $52.06 on Tues. Stock up 16% YTD including 33% surge QTD
** 4 of 10 analysts rate the stock "buy", 6 "hold"; median PT $55
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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Hilton Grand Vacations falls after Apollo offloads in secondary offering
Hilton Grand Vacations drops as Apollo to offload shares