Apollo Global Management has gotten the go-ahead from local produce grocer The Fresh Market for its $1.36B buyout of the retailer, the companies announced Monday.
Apollo will throw down $28.50/share for the chain, 24% above Friday’s closing and 53% above the price before the deal first got underway, Forbes reports.
The grocer’s same-store sales have been sinking as it competes against Whole Foods and other specialty stores. The deal went down after Fresh Market reviewed some strategic and financial alternatives, according to the company’s lead independent director Rich Noll.
Fresh Market shares spiked 24% on the news, making up the entire premium Apollo put on it. The deal is expected to go through during Q2. [Forbes]
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