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News Breaks
October 26, 2012
07:01 EDTAPO, PGRXApollo, Prospect Global Res. enter exclusivity arrangement for $100M investment
Prospect Global Resources (PGRX) announced that it has entered into an exclusivity arrangement with an affiliate of Apollo Global Management, LLC (APO) pursuant to which funds managed by APO would purchase $100M of newly issued 10% Convertible Second Lien Notes, expected to fund in the 1H of 2013. Additionally, Apollo would have an option to purchase 16.7M shares of Prospect Global common stock at an exercise price of $3.00/share, which, if exercised, would provide additional net proceeds to Prospect Global of $50.1M. The company intends to use the proceeds from the Apollo financing to continue development of its proposed potash mining facility being developed in Holbrook, Arizona, by the company's wholly-owned subsidiary, American West Potash.
News For PGRX;APO From The Last 14 Days
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October 8, 2015
11:14 EDTAPOTronox surges following report of Apollo interest in Chemours
Shares of Tronox (TROX), a manufacturer of titanium-dioxide, jumped in morning trading after Bloomberg reported that Apollo Global Management (APO) was considering a takeover bid for Chemours (CC) in a possible attempt to consolidate other makers of titanium-dioxide, or TiO2. WHAT'S NEW: Apollo Global is mulling the potential of making an offer for Chemours, the former chemical-manufacturing unit of DuPont (DD), and using it as a base to consolidate TiO2 makers, Bloomberg reported, citing people with knowledge of the matter. The private equity firm has held preliminary talks with lenders over a buyout of Chemours, whose market value is roughly $1.4B, the report said. Apollo would then approach other companies, including Tronox, about a tie-up to generate scale and cost efficiencies, the report added. OBSTACLES: Bloomberg noted that several hindrances stand in the way of a possible Apollo Global-Chemours tie-up, including a tax bill for DuPont should Chemours be taken private too soon after the July spinoff. In addition, debt will play a major role if a proposal should happen, since Chemours still owes $4B to DuPont as a result of a payment made to DuPont prior to the spinoff, the report says. WHAT'S NOTABLE: On September 25, Huntsman Corporation (HUN), which also manufactures TiO2, said that it anticipates lower titanium-dioxide selling prices, especially in North America, to affect its third quarter earnings, which the company is scheduled to report on October 27. The company also noted at the time that it sees soft demand in the Asia Pacific region having an impact on its Q3 results as well. PRICE ACTION: In morning trading, Tronox shares rallied nearly 20% to $7.92, Chemours rose 1.4%, DuPont gained 1.5%, Huntsman advanced 8.2% and Apollo Global slid 0.7%.
October 7, 2015
18:55 EDTAPOApollo Global may explore buyout of Chemours, Bloomberg says
October 4, 2015
16:02 EDTAPOXchanging says received acquisition proposals from Apollo Global, Capita
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October 1, 2015
10:52 EDTAPOLand and Buildings says more changes needed to enchance New York REIT value
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September 30, 2015
18:25 EDTAPOMidCap to acquire Mubadala GE Capital loan portfolio
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