Apollo Global Management Completes Acquisition of Diamond Resorts International
Tuesday, September 6, 2016
Recently, it was announced that Apollo Global Management, LLC successfully completed a merger transaction which permits their affiliates of Apollo Funds to acquire all of the outstanding common stock of Diamond Resorts International, Inc. Affiliates will receive a $30.25 per share cash tender for all outstanding shares of common stock following the merger.
When the tender offer expired on June 29, 2016 at 5 pm Eastern Standard Time, a total of 56,675,355 shares of Diamond Resorts common stock were tendered into the offer. The total, which excludes the 4,523,247 shares tendered by guaranteed delivery, represented approximately 81.26% of the outstanding shares not withdrawn from the tender offer. As part of the offer, all shares have been accepted for payment on September 2nd.
As a result of the merger between Diamond Resorts and the affiliates of the Apollo Funds, Diamond Resorts became a privately-held company and Diamond Resort’s common stock ceased trading on the New York Stock Exchange and will be delisted.
David Palmer, President and Chief Executive Officer of Diamond Resorts, said:
“We have gained a valuable and innovative partner through Apollo as they are one of the global leaders in private equity with nearly three decades of experience in acquiring and successfully growing companies. With Apollo’s expertise and support, we are confident that we will be able to continue building on our current success and remain focused on delivering operational excellence, unparalleled hospitality and unforgettable vacation experiences.”