Apollo Global Management Inc. made a first-round offer for Hilton Grand Vacations Inc., valuing the resort operator at about $40 per share, Bloomberg News reported Oct. 14, citing people familiar with the matter.
Blackstone Group Inc. also bid for Hilton Grand Vacations, which has been exploring strategic options, including a possible sale, Bloomberg noted.
Earlier, Apollo reportedly proposed three options for Hilton Grand Vacations, including a takeover at a premium to the company's share price.
Activist hedge fund Elliott Management Corp., which reportedly has a stake in Hilton Grand Vacations, has been pushing the company for a sale.
Apollo declined S&P Global Market Intelligence's request for a comment on the matter, while Hilton Grand Vacations did not immediately respond to the request for comment.
Hilton Grand Vacations shares rose 5.91% on Oct. 14 to close at $34.57.