Market Overview

Watch Grocer Stocks Following Apollo Bid For The Fresh Market

Watch Grocer Stocks Following Apollo Bid For The Fresh Market

Shares of specialty grocer The Fresh Market Inc (NASDAQ: TFM) have surged roughly 24 percent after a bid by Apollo Global Management for about $1.36 billion in cash.

For each share of Fresh Market, Apollo will pay $28.50, representing a premium of approximately 24 percent over the stock's closing share price on March 11, 2016.

Apollo, which as of December 31, 2015, had assets under management of approximately $170 billion, has significant expertise in executing transactions – such as Hostess Brands, Sprouts Farmers Market, Smart & Final and General Nutrition Centers.

Related Link: Fresh Market Rallies 20% Following $28.50/Share Bid From Apollo

The Fresh Market transaction is expected to close Q2'16, but the company has the opportunity to consider other bids in the 21-day period leading up to midnight on April 1, 2016.

Shares of The Fresh Market climbed more than 23 percent at $28.44 on a volume of 12.84 million shares. The 3-month average volume stands at 751.4K shares. The shares have gained more than 21 percent this year.

Peers On The Move

  • Whole Foods Market, Inc. (NASDAQ: WFM) was seen trading down 0.24 percent at $32.96.
  • The Kroger Co (NYSE: KR) was down 0.96 percent at $38.27.
  • SUPERVALU INC. (NYSE: SVU) was up 1.60 percent at $5.71.
  • Weis Markets, Inc. (NYSE: WMK) was up 0.73 percent at $42.79.
  • Village Super Market, Inc. (NASDAQ: VLGEA) was down 1.15 percent at $24.13.

Image Credit: Public Domain


Related Articles (TFM)

View Comments and Join the Discussion!

Posted-In: Apollo Global ManagementLong Ideas M&A News Markets Movers Trading Ideas Best of Benzinga