Hilton Grand Vacations Stock Jumps As Apollo Increases Bid

Apollo Global Management, LLC APO is reportedly seeking to acquire timeshare company Hilton Grand Vacations HGV for about $40 a share, Bloomberg reported Monday, citing people familiar with the matter. 

BUY $HGV - $APO TO BID $40 PER SHARE FOR $HGV

— FastestTradingSignals (@FastestSignals) October 14, 2019

Blackstone Group Inc BX also bid on the timeshare company, Bloomberg said. 

In August, the New York Post reported the bid by Apollo was indicated at as much as $36 a share.

Hilton shares jumped on the news Monday and were trading 6.3% higher at $34.70 at the time of publication. The stock has a 52-week high of $36 and a 52-week low of $24.16.

Apollo shares were trading down slightly at $38.71, while Blackstone shares were down 1.34% at $46.48. 

Apollo reportedly wants to merge Hilton with Diamond Resorts, a company it purchased in 2016.

Benzinga has contacted the private equity firm for comment. 

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