Industrial minerals company U.S. Silica Holdings (SLCA) has signed a deal to be acquired by funds managed by affiliates of Apollo (APO) for $1.85 billion on April 26.
Under the terms of the agreement, U.S. Silica stockholders will receive $15.50 per share in cash for each share of common stock, representing a premium of 18.68% from the stock’s last close. The merger arbitrage spread on this deal is -1.43%, indicating that the shareholders are expecting a competing bid for the company.