Appollo is a large asset management company, with >US$500bn of AUM - 80% of it focused on Credit or Hybrids; the remainder in Equity (non-vanilla, incl. private equity). So, with CGF at A$5bn Market Cap, acquiring CGF is digestable without even being noticeable.
However, the natural home for CGF is in Athene, which is also a manufacturer and distributor of life products. But the problem Athene is a mere US$8n - I've not checked whether that accounts for any restricted stock spoken for by Apollo, but either way, Athene is not orders of magnitude larger than CFG, so I think that funding any acquisition of CGF by Athene might be proving to be a challenge. (Athene's P/E multiple is in the single digits, so the equity path to finance any major acquisition makes no sense for Athene).
Which I think goes some way to explaining some of the stasis over the past 8 or 9 months.
What the exact circuit breaker might look like, I'm don't know.
But what I do know that, in Apollo, Athene has a Brobdingnagian scale potential financial backer should a takeover be pursued.
It's just a matter of how to best structure the deal... and I'm sure that financial minds far more adroit than mine will have been applied to the task.
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CGF Price at posting:
$7.55 Sentiment: None Disclosure: Held
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