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Apollo offered to pay $30 a share in cash, which represents a premium of approximately 36% to the Company’s undisturbed closing stock price on February 27, 2023. Apollo intends to take Arconic private after the transaction is completed, which is expected in the second half of 2023.
“This transaction represents a realization of value for Arconic shareholders at a meaningful premium and enables the Company to execute its long-term strategic vision. We are pleased to reach this agreement with Apollo,” said Fritz Henderson, Chairman of the Arconic Board of Directors.
The deal values Arconic at $5.2 billion, on an enterprise valuation basis.
Separately, Arconic reported its sales fell 12% to $1.93B, missing the $1.85B consensus. The company earned 24 cents per share, again below the $0.31 consensus.
