NEW YORK--(BUSINESS WIRE)--Certain funds affiliated with Apollo Global Management, LLC (NYSE:APO) announced the commencement of a cash tender offer to purchase all of the outstanding shares of common stock of Outerwall Inc. (NASDAQ:OUTR). The tender offer is being made pursuant to the merger agreement (the “Merger Agreement”) announced by Apollo and Outerwall on July 25, 2016 under which certain funds affiliated with Apollo, a leading global alternative investment manager, will acquire Outerwall for $52.00 per share. The transaction has a total enterprise value of approximately $1.6 billion, including net debt.
The $52.00 per share all-cash tender offer represents a premium of approximately 51% over Outerwall’s closing stock price on March 14, 2016, immediately prior to the announcement that Outerwall’s board of directors initiated a process to explore strategic and financial alternatives.
About Apollo
Apollo (NYSE:APO) is a leading global alternative investment manager with offices in New York, Los Angeles, Houston, Chicago, Bethesda, Toronto, London, Frankfurt, Madrid, Luxembourg, Singapore, Mumbai, Delhi, Shanghai and Hong Kong. Apollo had assets under management of approximately $186 billion as of June 30, 2016, in private equity, credit and real estate funds invested across a core group of nine industries where Apollo has considerable knowledge and resources. For more information about Apollo, please visit www.agm.com.
