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Apollo funds launch tender offer for Diamond Resorts shares

Funds affiliated with ApolloGlobal Management LLC launched a cash tender offer for all outstandingshares of Diamond Resorts InternationalInc. as part of a planned buyoutof the timeshare operator.

Pursuant to the parties' acquisition agreement, the Apollo fundsare offering $30.25 per share, which represents a roughly 58.3% premium to DiamondResorts' closing per-share price on Feb. 24, the last full trading day before thecompany said it would explore strategic alternatives. The figure is roughly 25.7%above the Diamond Resorts closing price June 28, the last full trading day beforethe deal was announced.

Diamond Resorts said it planned to make an SEC filing that includesa recommendation from its board of directors that company shareholders tender theirshares in the offer.

The offer will expire at midnight ET at the end of Aug. 10, unlessit is extended. Its completion will depend on Diamond Resorts stockholders' tenderingat least a majority of the company's outstanding shares, along with other closingconditions.

If the offer results in the Apollo funds owning at least oneshare more than 50% of Diamond Resorts' outstanding shares, the company will becomea wholly owned subsidiary of the funds, subject to the remaining conditions of themerger agreement.