ClubCorp Agrees To Be Acquired By Apollo Global Management For About $1.1 Bln

(RTTNews) - ClubCorp Holdings, Inc. (MYCC) said that it agreed to be acquired by Apollo Global Management LLC (APO) for $17.12 per share in cash, or about $1.1 billion.

The all-cash transaction represents a premium of about 30.7% over ClubCorp's closing stock price on July 7, 2017.

The ClubCorp Board of Directors unanimously approved the agreement with the Apollo.

The transaction is subject to customary closing conditions, including approval by ClubCorp shareholders, and is expected to close in the fourth quarter of this year. Upon completion of the transaction, ClubCorp will be a privately held company, and ClubCorp's common shares will no longer be listed on the New York Stock Exchange.

ClubCorp also declared a one-time quarterly dividend of $0.13 per share of common stock. The dividend is expected to be paid on July 28, 2017, to shareholders of record at the close of business on July 21, 2017.