Tronox Stock Surges on Report of $4.3 Billion Apollo Buyout Offer

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Updated Sept. 13, 2021 2:32 p.m. ET / Original Sept. 13, 2021 1:29 p.m. ET

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Hamilton pigment plant

Courtesy Tronox

Shares of Tronox Holdings were jumping Monday pursuing a study that said the pigment shaper received an all-cash connection of $4.3 cardinal from private-equity giant Apollo Global Management.

On a per-share basis, the connection was for $27 a share, Reuters reported, citing sources who spoke connected information of anonymity. Tronox has hired advisers to see the bid.

Efforts to scope Tronox for remark were unsuccessful.

Tronox (ticker: TROX) shares roseate 15.48% connected Monday to $23.72. The banal traded arsenic precocious arsenic $25.48 earlier successful the session, the biggest beforehand since April 2020, according to Bloomberg.

Eight analysts surveyed by FactSet complaint Tronox banal astatine Overweight, with an mean terms people of $25.88.

Analysts astatine Alembic Global Advisors said if the study of Apollo’s bid is true, Tronox shares were being undervalued.

“In a nutshell we spot this bid from Apollo, if true, arsenic a lowball bid and spot further upside successful the name,” Alembic said. It reiterated its Overweight standing connected the stock. Alembic’s terms people is $31.

Apollo Global (APO) was up 1.4%.

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