Fresh Market to be bought by Apollo for more than $1.3B
NEW YORK (AP) — The Fresh Market, a grocery store chain, has agreed to be acquired by private equity firm Apollo for more than $1.3 billion.
Apollo is paying $28.50 for each share of Fresh Market, a 24 percent premium of the stock's closing price of $22.98 on Friday.
Fresh Market, based in Greensboro, North Carolina, has nearly 190 stores around the country. Apollo Global Management LLC is based in New York.
The deal is expected to close in the second quarter.
Shares of The Fresh Market Inc. soared 24 percent before the stock market opened Monday. Apollo shares were unchanged.