Tiger Midco, an affiliate of funds managed by alternative investment managerÂ Apollo Global Managementâs (NYSE: APO) affiliates, has increased its offer to acquire information technology distribution companyÂ Tech DataÂ (Nasdaq: TECD)Â from $130 in cash per share to $145 per share, or approximately $6B, under an amended deal.
Tech Data agreed to sign an amendment to a previously announced deal with Tiger MidcoÂ after the latter moved to raise its takeover offer in response to a proposal submitted by another bidder, Apollo said Wednesday.
The amended deal reflects an increase of 11.5 percent in the price per share of Tech Dataâs common stock as stated in the original agreementÂ announced in mid-November.
Tech Dataâs board unanimously cleared the transaction, which is expected to be completed in the first half of calendar year 2020, subject to approvals by shareholders, antitrust and foreign regulators and other customary closing conditions.
The revised deal allows Tech Data to continue to solicit offers from interested buyers through Dec. 9.
Bank of America Securities advises Tech Data on the transactionâs financial aspect, while Cleary Gottlieb Steen & Hamilton LLP serves as legal counsel.