Funds associated with Apollo Global Management on Friday said it had completed its tender offer for shares of The Fresh Market, and would complete the transaction by merging it with an affiliate company into a privately held concern.
The private equity firm said that 32.1 million shares were tendered as of midnight Thursday, representing 68.2% of the outstanding shares, excluding the 4.5 million shares rolled into the investment. Those shares will be acquired next week at a price of $28.50 per share.
Concurrently with payment for the tendered shares, Apollo and The Fresh Market intend to complete the acquisition by merging it with an affiliate of Apollo. As a result of the tender offer and the merger, The Fresh Market will become a privately held, indirect wholly owned subsidiary of the Apollo funds and certain other investors, and company's common stock will cease trading on the NASDAQ exchange.
Apollo announced intentions to acquire Greensboro, N.C.-based The Fresh Market last month. Its offer was made in conjunction with founder Ray Berry, who agreed to roll his shares of the company with Apollo.
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