Apollo is slated to buy Tech Data for $145 in cash - stock today trades for 100 - this is pretty unheard for a cash deal by a rock solid PE firm
Ackman today was on CNBC saying maybe Apollo and Blackstone will be out of business - seems like hyperbole to me - end of day they have billions (tens of billions) in dry powder to keep buying - maybe some of their prior IRR's will be bad but that's not really my concern, that's something for their LP's to worry about.
End of day - pretty unheard of to see a cash arb deal with no deal risk trading for 30% spread.
The main risk is does Apollo try to renegotiate or walk away - possible they try to negotitate a slight price break, but even then the return would still be superb if they cut the price 10% or so. Also, don't see why they damage their brand over a fairly small deal that ultimately isn't that meaningful to the firm.
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