Arconic Calls Off Company Sale, Citing Lack of Worthwhile Offers
(Bloomberg) -- Arconic’s board has determined to no longer pursue a potential sale of the company, saying it did not receive a proposal for a full-company transaction it considered to be in the best interests of stakeholders.
- The company said it will persist with its previously announced sale process for its Building & Construction Systems unit
- The New York Post reported on Friday that Arconic was hoping to finalize a sale to Apollo Global Management over the weekend at about $22 per share
Apollo was said to have emerged as the leading bidder for Arconic in early December after a months-long sale process, including a Reuters report in October that Apollo and Arconic were in advanced talks on a transaction
- In August, Reuters reported that the company was in talks to sell itself, despite having only announced its Building & Construction unit sale at that point
- Arconic shares are down more than 25% in pre-market trading
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