Barnes Group Inc. (NYSE: B) has recently announced that it will be acquired by funds managed by affiliates of Apollo Global Management, Inc. in an all-cash transaction totaling approximately $3.6 billion. This acquisition will see Barnes shareholders receive $47.50 per share in cash, representing a premium of around 22% over the company's undisturbed closing share price on June 25, 2024. The transaction is expected to close before the end of Q1 2025 and is subject to customary closing conditions, including approval by Barnes shareholders and receipt of required regulatory approvals.
The company's third quarter 2024 earnings release, scheduled for October 25, 2024, will not have a conference call and webcast due to the impending transaction with Apollo funds. Additionally, Barnes has suspended its financial guidance for the full year 2024 as a result of the pending transaction.
Barnes has been making significant progress in unlocking its full potential by investing in its business, reshaping its portfolio, innovating its platforms, and strengthening its financial performance. Under Apollo funds ownership, the company aims to accelerate its transformation, enhance its capabilities, broaden its product offerings, and create new opportunities for growth and innovation.
The acquisition comes after Barnes' recently reported financials, which showed a positive performance trend. The company's financials for the last period should indicate a solid foundation for the acquisition, demonstrating its attractiveness to potential buyers. The specifics of Barnes' financial performance, such as revenue, profit margins, and other key metrics, would shed light on how the company's value has evolved and potentially influenced this acquisition. Today the company's shares have moved 2.5% to a price of $46.4. Check out the company's full 8-K submission here.
