OM Group Agrees To Be Acquired By Units Of Apollo Global Management

OM Group Inc. shares surged 28% after the diversified industrial company said it has agreed to be bought by units of private-equity firm Apollo Global Management LLC for $34 a share in cash. The price offers a premium of about 28% over OM Group's closing price on May 29. In a statement, OM Group said Platform Specialty Products will buy its electronic chemicals and photomasks business from the Apollo funds in two transactions totaling $365 million. Once those are completed. Apollo funds will own OM Group's magnetic technologies, battery technologies and advanced organics businesses. The deals are expected to close by year end. Shares are down 11% in the year through Friday, while the S&P 500 has gained 2.4%.