Arconic working with advisers after receiving Apollo bid, WSJ reports

Apollo Global Management (APO) is in talks to acquire Arconic (ARNC), Lauren Thomas and Laura Cooper of Wall Street Journal report, citing people familiar with the matter. Apollo submitted a bid in February and has debt financing in place, sources told the Journal. Arconic’s advisers have also reached out to other potential acquirers, the people added. Should there be a deal, it would be expected to carry a significant premium, the sources noted. Shares of Arconic jumped 19% to $26.43 following the report. Reference Link