$1.8 off from CVC, page-3

Yeap, so I still believe the main reason behind this buyout/takeover story starts with APM needs fundraising. The original plan is to let another PE to buy all the retailed shareholders then do fundraising, but it seems like the price is too low so Madison Dearborn may rather put cash out by itself. APM may not be in any financial distress, but they need some money to do something, maybe mobilizing new contracts, maybe expect to win more contracts that need investments or maybe more aquisitions. We just don't know.

The debt facility with APM is very tight, they cannot draw more money from banks with the current loan covenants.

If Madison Dearborn agrees to do capital raising for APM, it is the best scenario for a longer term holding, I guess.