(Bloomberg) -- Apollo Global Management Inc. is considering bidding as much as $2.78 billion for equipment and parts manufacturer Arconic Corp., according to a person familiar with the matter.
The firm is looking to make a bid of around $27 or $28 per share by early April, said the person, who asked not to be identified because the discussions are private.
Apollo has completed its site visits as part of due diligence and has lined up financing with banks for its offer, the person said.
Apollo’s plans aren’t finalized and it could still decide against submitting an offer.
Arconic has been working with financial advisers on a sale process over the past few months, according to the person. Other private equity firms are also pursuing Arconic, the person added.
Apollo submitted a bid for the company in February, Bloomberg News previously reported.
Arconic shares were trading at $26.65 at 1:16 p.m. in New York on Thursday. A representative for Apollo declined to comment while an Arconic representative couldn’t be reached for comment.
Founded in 1888 as the Pittsburgh Reduction Co., Arconic manufactures aluminum sheets and plates for companies across the aerospace, automotive, commercial transportation, brazing and industrial markets. The company reported $9 billion in sales for 2022.
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