MKM Partners Downgrades Diamond Resorts International (DRII) to Neutral

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Go back to MKM Partners Downgrades Diamond Resorts International (DRII) to Neutral

Diamond Resorts International, Inc. Enters into Definitive Merger Agreement to Be Acquired by Affiliates of Certain Funds Managed by Affiliates of Apollo Global Management for $30.25 Per Share in Cash

June 29, 2016 9:05 AM EDT

LAS VEGAS--(BUSINESS WIRE)-- Diamond Resorts International, Inc. (Diamond Resorts or the Company) (NYSE: DRII) today announced that it has entered into an Agreement and Plan of Merger (the Merger Agreement) with affiliates of certain funds (the Apollo Funds) managed by affiliates of Apollo Global Management, LLC (together with its consolidated subsidiaries, Apollo) (NYSE: APO), pursuant to which the Apollo Funds will acquire Diamond Resorts for $30.25 per share or approximately $2.2 billion.

The all-cash offer represents a premium of approximately 26% over Diamond Resorts closing share price on June 28, 2016, and a premium of approximately... More