Apollo Global Management Exploring Ryder System (R) Acquisition - Bloomberg

September 27, 2022 3:17 PM EDT

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According to a report by Bloomberg Tuesday, Apollo Global Management is looking into a potential takeover of transportation and logistics firm Ryder System (NYSE: R).

Citing people with knowledge of the matter, Bloomberg stated that while "terms of a transaction couldn't immediately be learned," a deal would value Ryder at a premium compared to its market value of $3.4 billion.

In May this year, Ryder confirmed it had received an unsolicited offer to acquire all of its outstanding shares not owned by HG Vora for $86 per share in cash. However, that was rejected in June.

The article from Bloomberg said no deal with Apollo has yet been reached, and there is still a possibility talks could break down, partially due to challenges in the debt markets making it tough to raise financing.

Ryder shares jumped more than 14% after the news broke.

By Sam Boughedda

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