Athene Holdings (ATH), a seller of annuities and other financial products will be bought by Apollo Global Mannagement (APO).
Athene has 4 issues of preferred stock outstanding–they can be seen here.
At this moment not all the details of the proposed acquisition have been filed with the SEC so it is not known what the plans are for the outstanding preferred shares of Athene.
Fabrib mentioned this acquisition in the reader alerts section.
Apo, ahl, ATH, all very confusing to me. I’ve been selling A and B. Still good ytc on the whole. It’s high enough to give me pause. They’ve been near the top of the ytc lists for over a year. Rate hog that I am, I’m sticking with some but doesn’t hurt to ring the bell.
Re: Apollo…..APO converted to a regular (Delaware) corporation in Sept 2019. So may want to check the K1 issuances of the AP preferreds….
*That should say “APO preferreds”…d’oh!
This link indicates that preferreds bought after the conversion will result in 1099. Can anyone confirm this?
https://www.apollo.com/stockholders/tax-information
The APO preferreds issue a K-1, but the ATH preferreds do not. I have stayed away from the APO preferreds due to the K-1. It will be interesting to see if the tax status of the ATH preferreds changes post-buyout.
I hope this acquisition is as well thought out as some of their past deals and not just an attempt to push the Leon Black fiasco further out of public consciousness. I own Apollo common stock not Athene
Wow….. I googled Leon Black and got a lot of interesting articles. Made for fascinating reading! Makes you wonder what really went on behind the closed doors. Looks like nothing was really found that stinks bad though. I own some shares of ATH-C and will hold on to them to see what the merger brings. It has been an OK holding to date.
I bought some of the ATH-D today.
Apollo seems like it’s well run.