Apollo Funds Announce Successful Tender Offer for Outerwall
OREANDA-NEWS. Affiliates of certain funds (the “Apollo Funds”) managed by affiliates of Apollo Global Management, LLC (NYSE:APO) (together with its consolidated subsidiaries, “Apollo”) today announced the successful completion of the previously announced $52.00 per share cash tender offer for all of the outstanding shares of common stock of Outerwall Inc. (“Outerwall”).
The tender offer, which was made pursuant to the Agreement and Plan of Merger entered into by Outerwall, Redbox Automated Retail, LLC, a wholly owned subsidiary of Outerwall, and affiliates of the Apollo Funds on July 24, 2016, expired at 12:00 midnight, New York City time, on September 22, 2016 (one minute after 11:59 p.m., New York City time, on September 22, 2016). A total of 11,935,164 shares of common stock of Outerwall (excluding 1,279,801 shares tendered by guaranteed delivery), representing approximately 69.3% of the outstanding Outerwall shares, were tendered into and not withdrawn from the tender offer. According to the terms of the tender offer, all such Outerwall 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 September 27, 2016.
Concurrently with payment for the tendered shares, the Apollo Funds and Outerwall intend to complete the acquisition of Outerwall by merging it with an affiliate of the Apollo Funds. As a result of the tender offer and the merger, Outerwall will become a privately-held, indirect wholly-owned subsidiary of the Apollo Funds and Outerwall’s common stock will cease trading on the NASDAQ Global Select Market.
Apollo (NYSE: APO) is a leading global alternative investment manager with offices in New York, Los Angeles, Houston, Chicago, Bethesda, Toronto, London, Frankfurt, Madrid, Luxembourg, Singapore, Mumbai, Delhi, Shanghai, and Hong Kong. Apollo had assets under management of approximately $186 billion as of June 30, 2016, in private equity, credit and real estate funds invested across a core group of nine industries where Apollo has considerable knowledge and resources.