Tronox Soars on Report Apollo Global Has Offered $27 Per Share By

© Reuters.

By Dhirendra Tripathi – Tronox stock (NYSE:) rose 16.3% Monday on a Reuters report that private equity firm Apollo Global (NYSE:) has offered $27 per share in cash to buy the maker of high-quality titanium products.

The stock touched a high of $25.42 so far in the session underway today, before trading at $23.88 at 1245 ET.

At $4.3 billion, Apollo’s offer is roughly 1.6 times Tronox’s 2020 annual revenue of $2.75 billion.

Tronox makes titanium dioxide pigment, specialty-grade titanium dioxide products and high-purity titanium chemicals, and zircon.

As per Tronox’s outlook for the ongoing quarter, titanium dioxide and zircon prices are expected to continue to increase. Titanium dioxide sales volumes are expected to decline 5% to 10% sequentially from record second-quarter levels, due to supplier and logistics constraints.

Zircon sales volumes are expected to remain elevated, benefiting from sales from inventory, though lower than second-quarter 2021 levels.


Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.