Apollo Funds Acquires Smart and Final Stores
On April 16, Smart & Final Stores, Inc. (SFS) announced that the company would merge with certain funds managed by Apollo Global Management, LLC (APO). Smart & Final is a leading value-oriented food and everyday staples retailer. Apollo Funds is a leading global alternative investment manager. Under the terms of the agreements, Apollo Funds will acquire all outstanding shares of Smart and Final Stores for $6.50 per share in cash.
Sonal alerted subscribers about the merger news at 5:21 pm. The next morning, Apollo opened for regular market trading at $29.66. The stock price traded around $30 on the day after the announcement, but the price began to move upward during the second day. In the five days after the announcement, Apollo rose 9.5% to close at $32.48 on April 24.
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