PITTSBURGH–(BUSINESS WIRE)–Arconic Corporation (NYSE: ARNC) announced today that its shareholders have voted at a special meeting of Arconic shareholders to approve the Company’s pending acquisition by funds managed by affiliates of Apollo (NYSE: APO) including a minority investment from funds managed by affiliates of Irenic Capital Management. Under the terms of the merger agreement, Arconic shareholders will receive $30.00 per share in cash for every share of Arconic common stock they own immediately prior to the effective time of the merger.
At the Special Meeting, approximately 99% of the shares voted were voted in favor of the merger, which represented approximately 76% of the total outstanding shares of Arconic common stock as of June 12, 2023, the record date for the Special Meeting.
Assuming timely satisfaction of necessary closing conditions, the transaction is expected to close in the third quarter of 2023.
The final voting results on the proposals voted on at the Special Meeting will be set forth in a Form 8-K filed by Arconic with the U.S. Securities and Exchange Commission.
About Arconic Corporation
Arconic Corporation (NYSE: ARNC), headquartered in Pittsburgh, Pennsylvania, is a leading provider of aluminum sheet, plate, and extrusions, as well as innovative architectural products, that advance the ground transportation, aerospace, building and construction, industrial and packaging end markets. For more information: www.arconic.com.
About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three investing strategies: yield, hybrid, and equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2023, Apollo had approximately $598 billion of assets under management. To learn more, please visit www.apollo.com.
About Irenic
Irenic Capital Management was formed in 2021. The firm invests across the capital structure in unique special situation opportunities. To learn more, please visit www.irenicmgmt.com.
