jetcityimage/iStock Editorial via Getty Images
Investing activist Sachem Head has taken a stake in Arconic (New York stock market :ARNC) and pushes the aluminum manufacturer to pursue a process to sell itself.
Sachem Head, led by Scott Ferguson, has amassed its stake in arconic (ARNC) in recent weeks, according to a Reuters report, who quoted familiar people. The size of the position was not known.
The news after Bloomberg reported on Thursday that private equity firm Apollo Global (APO) Is value make an offer of around $27 or $28 per share by early April for Arconic (ARNC), which Reuters also confirmed. Apollo has lined up financing with the banks for an offer, although its plans are not finalized and it may still decide not to go ahead with an offer.
The latest update comes after Dealreporter reported on Wednesday that the private equity firmCarlyle Group (CG) and Lone Star Funds joined Apollo Global (APO) in the process of selling the business.
The participation of Sachem Head could increase the pressure on Arconic (ARNC) to reach an agreement with a buyer, Reuters said.
The WSJ reported last month that Apollo (APO) was is in talks to buy the aerospace parts brandpushing shares up nearly 20% on Feb. 28.
The arconic potential (ARNC) the deal comes after media reported in 2018 that Apollo (APO) was in talks to buy Arconic for over $11 billion. The deal never materialized and Arconic in 2020split into two companiesArconic and Howmet Aerospace (HWM).