Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

http://www.businessweek.com/ap/2012-11-01/advance-auto-shares-up-on-reports-of-plans-to-sell

AP News

Advance Auto shares up on reports of plans to sell


NEW YORK (AP) — Shares of Advance Auto Parts Inc. soared Thursday on media reports that the company has hired private equity firm Blackstone to facilitate a sale of the company.

THE SPARK: Citing anonymous sources, CNBC reported that the Roanoke, Va.-based auto parts retailer had hired Blackstone Group LP and that at least three private equity firms were exploring possible bids for the company.

THE BIG PICTURE: New York-based Blackstone buys stakes in companies, invests in real estate and lends to other investors.

A spokeswoman for Advance Auto did not answer her phone Thursday afternoon, and an email seeking comment was not immediately returned.

THE SHARES: Up $8.21, or 11.6 percent, to $79.15 in afternoon trading, after peaking at $84 earlier in the session. Over the past 52 weeks, the stock has traded between $60.87 and $93.08.


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus