By Sam Boughedda
According to a report by Bloomberg Tuesday, Apollo Global Management (NYSE:APO) is looking into a potential takeover of transportation and logistics firm Ryder System Inc (NYSE:R).
Citing people with knowledge of the matter, Bloomberg stated that while "terms of a transaction couldn't immediately be learned," a deal would value Ryder at a premium compared to its market value of $3.4 billion.
In May this year, Ryder confirmed it had received an unsolicited offer to acquire all of its outstanding shares not owned by HG Vora for $86 per share in cash. However, that was rejected in June.
The article from Bloomberg said no deal with Apollo has yet been reached, and there is still a possibility talks could break down, partially due to challenges in the debt markets making it tough to raise financing.
Ryder shares jumped more than 14% after the news broke.