Tech Data (TECD) - Get Tech Data Corporation Report shares rose Wednesday after Reuters reported private-equity firm Apollo Global Management (APO) - Get Apollo Global Management Inc. Class A Report made an offer to acquire the company for close to $5 billion.
Citing people familiar with the matter, Reuters said Apollo has offered to pay about $130 a share in cash for the U.S. information technology equipment distributor. Tech Data shares closed at $111.34 on Tuesday. They surged to $126.34 after hours, and were up 9.74% on Wednesday to $122.19.
Tech Data's shares are trading near all-time highs. The Reuters report said there's no certainty that Tech Data will engage in negotiations or that any deal will occur, citing sources who asked not to be identified because the matter was confidential.
Apollo declined to comment to Reuters, while Tech Data didn't respond to the news agency's request for comment.