Apollo launches bid for Tech Data

Tech Data shares have jumped +14% after-hours following a Reuters report that US-based venture capital fund Apollo Global Management has approached the company with a $130/share cash buyout offer, amounting to $5bn.

The move comes as its shares are hovering at all-time highs on investor optimism that demand from small and medium-sized businesses for its offerings will remain strong despite concerns about the economy. 

There is no certainty that Tech Data will engage in negotiations or that any deal will occur, the sources added, asking not to be identified because the matter is confidential, the report says. 

Apollo made an unsuccessful bid last year to acquire U.S. electronics distributor Ingram Micro from HNA Group for as much as $7.5bn.

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