The hotel chain Hilton Grand Vacations surged on the stock market after reports that the venture capital firm Apollo Global had made a bid.
According to Bloomberg News, Apollo has offered $40 per share. Hilton shares rose 5.9 percent to $34.85 on Monday. The stock was up another 0.8 percent in after-hours trading.
In late August, Reuters reported that Hilton was considering a sale after receiving interest from private equity firms. The company asked for preliminary bids in September.
Hilton Grand Vacations develops and operates resorts in Hawaii, New York and Las Vegas, among other places. The company had 54 properties at the end of 2018.
Until 2017, Hilton Grand Vacations was part of the hotel giant Hilton Worldwide.
Source: finwire
