Cardtronics Receives Acquisition Proposal From Apollo and Hudson

Cardtronics received an acquisition proposal of $31/share in cash from Apollo Global Management Inc., Hudson Executive Capital LP.
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Cardtronics  (CATM) - Get Report said on Wednesday that it received a proposal from funds managed by affiliates of Apollo Global Management Inc., Hudson Executive Capital LP to acquire the entire outstanding share for $31/share in cash.

The Houston, Texas-based company board of directors is set to review and assess the terms of the proposal, but there is no guarantee that an agreement or transaction will be reached, according to the company’s statement.

The company did not specify a timetable for the agreement.

Cardtronics said that Douglas Braunstein, the founder & managing partner of Hudson Executive Capital LP, has “recused” himself from discussions regarding any transaction.

A leading ATM owner and operator, Cardtronics solicited Goldman Sachs as its financial advisor and Weil, Gotshal & Manges, and Ashurst as its legal advisors.

Cardtronics is a leading financial self-service provider, enabling cash transactions at 285,000 ATMs across 10 countries in North America, Europe, Asia-Pacific, and Africa.

Last month, Cardtronics and GetGo, a convenience store chain owned by food retailer and distributor Giant Eagle Inc., said that they will be partnering to position First National Bank (FNB) branding on 49 Cardtronics-owned Allpoint ATMs located in GetGo stores across Northeast Ohio.

The partnership will allow First National Bank to double its ATM presence in Ohio and improve its network that includes over 80 ATMs and around 30 branches with increased access to cash services. It will also provide the bank with immediate scale and brand visibility, according to the company’s statement.

The ATMs at GetGo stores in Ohio will allow customers to have access to surcharge-free transactions, including withdrawals, transfers, and balance inquiries.