Apollo reportedly eyes Ryder System – stock surges

Second time lucky?

Market reports sourced from Bloomberg suggest US-based trucking firm Ryder System has attracted interest from private equity house Apollo Global Management.

The stock surged 14% to $76 on the rumours today. It later tested $78.92, settling at $77.16, up 16%, ahead of close.

Earlier this year, Ryder System rejected another approach – at the time labelled as “unsolicited indication of interest” – from HG Vora Capital Management, which was already invested in the company.

On 13 May, the takeover target confirmed to have received an approach from HG Vora to acquire all its outstanding stock at $86 per share in cash.

HG Vora’s proposal was formally rejected a few weeks later.

Earlier this month, Ryder snapped up logistics tech start-up Baton.

More soon.