Tech Data: Apollo Funds Raise Offer Consideration

(RTTNews) - Tech Data (TECD) has entered into an amendment to its previous agreement for the acquisition by Funds managed by affiliates of Apollo Global Management (APO). The amendment increases the consideration to $145 per share in cash from $130 per share in cash, resulting in an enterprise value of approximately $6.0 billion, for the revised deal.

Tiger Midco, LLC, the affiliate of funds managed by affiliates of Apollo Global Management, proposed the revised offer as Tech Data has received a competing offer from another bidder. The Tech Data Board has approved the amended proposal and recommended that the company's shareholders vote in favor of the transaction. The deal is anticipated to close in the first half of calendar year 2020.

Tech Data will be permitted to continue to actively solicit alternative acquisition proposals from third parties during a go-shop period until Dec. 9, 2019.