Activist investment Sachem Head took a stake in Arconic (NYSE:ARNC) and forces the aluminum producer to continue with the self-selling process.
Sachem Head, run by Scott Ferguson, acquired its stake Arconic (ARNC) in recent weeks, according to a Reuters report, who listed famous people. The size of the position was not known.
The news comes after Bloomberg reported on Thursday that private equity firm Apollo Global ( APO ) was estimating an offer of around $27 or $28 a share by early April for Arconic ( ARNC ), which Reuters also confirmed. Apollo has arranged financing with banks for the bid, although its plans have not been finalized and it could still decide not to bid.
The latest update comes after Dealreporter reported on Wednesday that private equity firms Carlyle Group ( CG ) and Lone Star Funds have joined Apollo Global ( APO ) in the process of selling the company.
Sachem Head’s stake could increase pressure on Arconic ( ARNC ) to reach a deal with a buyer, Reuters said.
The WSJ reported last month that Apollo ( APO ) was in talks to buy the aerospace parts maker, sending shares up nearly 20% on Feb. 28.
The potential Arconic ( ARNC ) deal comes after media reports in 2018 that Apollo ( APO ) was in talks to buy Arconic for more than $11 billion. The deal was never realized and Arconic split into two companies in 2020, Arconic and Howmet Aerospace (HWM).