Deals
Apollo Challenged in Bid for Spain’s Applus as ISQ, TDR Step In
- The firms offered to pay up to €1.26 billion for the company
- Apollo Global Management made a lower, initial offer in June
This article is for subscribers only.
I Squared Capital Advisors LLC and TDR Capital LLP bid €1.26 billion ($1.35 billion) in cash for Applus Services SA, a Spanish company that provides certification and quality control services, challenging an earlier offer from Apollo Global Management Inc.
The two firms offered €9.75 a share for Applus, or 2.6% more than the €9.50-a-share bid Apollo launched at the end of June, according to a regulatory filing Thursday. I Squared and TDR had said prior to Apollo’s offer that they were analyzing a possible takeover.