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Apollo Completes Offer with The Fresh Market at Proposed $28.50 Per Share

Apollo Completes Offer with The Fresh Market at Proposed $28.50 Per Share



NEW YORK CITY, NY - Apollo Global Management, LLC announced that it has successfully completed the funds affiliated with its previously announced proposed acquisition of The Fresh Market.

The completed funds are for the original $28.50 per share cash tender offer that Apollo made, an approximate $1.36 billion total. The Fresh Market's Board of Directors accepted the offer on March 11th, despite questions being raised around the accuracy of the amount.

The Fresh Market

As we previously reported, an investigation was launched at the end of March to confirm whether Apollo’s offer undervalues the company, which at least one analyst gave a target price of $44 per share, with the 52-week high of $41.70 per share. Shortly after, stockholders filed a lawsuit, alleging that the sale was flawed.

These actions do not appear to have swayed the two parties, however. With the completed funds, as well as with payment for any tendered shares that are still outstanding, a press release stated that Apollo and The Fresh Market intend to complete the acquisition by merging the retailer with an affiliate of Apollo.

“As a result of the tender offer and the merger, The Fresh Market will become a privately-held, indirect wholly-owned subsidiary of the Apollo funds and certain other investors, and The Fresh Market's common stock will cease trading on the NASDAQ,” the company stated in the release.

As it currently stands, 32,103,659 shares of The Fresh Market’s common stock, which represent about 68.2 percent of the outstanding shares, have been tendered into the offer and not withdrawn by the April 21, 2016 expiration date. In line with the terms drawn up with that offer, “all such shares (and any additional shares tendered by guaranteed delivery unless actual delivery does not occur) have been irrevocably accepted for payment, which will be made on April 27, 2016.”

AndNowUKnow will continue to report on this and other relevant mergers and acquisitions as they develop.

The Fresh Market