Investment company Apollo Global Management (APO) - Get Report is looking to buy time-share company Hilton Grand Vacations (HGV) - Get Report for up to $36 a share, according to a report in the New York Post.
Such a bid would be almost 28% higher than the closing price of $28.21 for Hilton Grand Vacations on Monday.
The report said Apollo wants to merge Hilton with Diamond Resorts, a company it purchased in 2016, with the idea of making the combined entity more efficient.
If the deal goes ahead, the merged company may remain publicly listed, according to the Post.
Shares of Hilton Grand Vacations have fallen 12% in August through Monday, according to data from Yahoo. The S&P 500 lost 2.1% over the same period.
Hilton Grand Vacations rose 10.24% on Tuesday to $31.10.
At least part of the recent drop was disappointing earnings from Hilton Grand Vacations announced earlier this month.
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Constable owns none of the securities listed in this story.