Market Overview

Watch Grocer Stocks Following Apollo Bid For The Fresh Market

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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.

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