Apollo Global Management (APO) was reported to have increased its takeover bid for Tech Data Corp (TECD) to $145 per share from $135 per share, after Tech Data got a rival offer from another company.
Under the new offer, the deal now has an enterprise value of approximately $6 billion.
Shares of Apollo Global Management closed higher for a fourth consecutive trading session in New York on Wednesday. It has also been the sharpest daily surge since November 1st. The stock went up 2.17% ($0.94) to $44.20, after touching an intraday high at $44.21 and also a fresh all-time high.
Meanwhile, shares of Tech Data Corp closed lower for a second consecutive trading session on NASDAQ on Wednesday. The stock inched down 0.02% ($0.03) to $129.00, after touching an intraday low at $128.87, or a price level not seen since November 21st ($128.43).
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