Apollo & Apax Bid For McGraw-Hill Unit, Joy Global Takeover Chatter: M&A Update
Apollo Global Management (NASDAQ:APO) and Apax Partners lead the bidders for the McGraw-Hill Companies’s (NYSE:MHP) Education division, according to the Wall Street Journal, with the deadline for offers closing yesterday. However, McGraw-Hill might yet elect to spin off the unit, which prior estimates said could be worth $3 billion. The company is due to make a decision by the end of 2012.
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Shares of Joy Global (NASDAQ:JOY) spiked on renewed takeover chatter that General Electric Company (NYSE:GE) has offered $78 a share. Earlier this week, Larry De Maria at William Blair remarked that a takeout of Joy by GE was quite likely over the medium term.