Jobs agency APM’s situation gets more bizarre as it goes looking for another frog to kiss.
Already a subscriber?How many frogs does job agency and government contractor APM Human Services have to kiss before it finds its prince?
Bizarrely, APM’s board is considering Madison Dearborn’s $1.40-a-share offer despite calling it “disappointing” and outright rejecting a higher $1.60-a-share only seven weeks ago.More bizarrely, the APM board that rejected that February bid included Madison Dearborn representatives – the firm’s co-founder and co-CEO Tim Sullivan , managing director Elizabeth Betten and healthcare dealmaker Will Ritchie.
So, is Goldman Sachs and Allens-advised Madison Dearborn a buyer or a seller? It specifically requested confirmatory due diligence on a non-exclusive basis, which is unique. APM shares tanked 30 per cent to $1.14 on Monday. Institutional investors are fed up with the corporate shenanigans – and even more fed up with the earnings downgrades, with nearly 10 per cent shaved off FY24 EBITDA guidance. The downgrade helps explain why CVC walked from its $2-a-share indicative offer post diligence.
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