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New Home Co. Agrees To Be Taken Private By Apollo Global In $338 Mln Deal; Stock Surges

The New Home Co. (NWHM) agreed to be acquired by funds managed by affiliates of Apollo Global Management Inc. (APO) for $9.00 per share in cash. The transaction values the company at an enterprise value of about $338 million.

In Friday pre-market trade, NWHM was trading at $8.89 up $4.03 or 82.92%.

Upon the completion of the transaction, NWHM will become a privately held company and shares of NWHM common stock will no longer be listed on any public market.

As per the terms of the deal, the Apollo Funds will commence a tender offer to acquire all outstanding shares of NWHM for $9.00 per share in cash. The purchase price represents an 85% premium to the closing stock price on July 22, 2021 of $4.86 per share.

The holders of about 30% of NWHM's shares of common stock have agreed to tender their shares to the Apollo Funds.

The deal is expected to close in the second half of the company's fiscal year.

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