Apollo Global Management completed the acquisition of Smart & Final Shops, a value-oriented food and everyday staples retailer, for $1.1bn. The $6.50 per share cash offer represented a premium of approximately 25% over Smart & Final's average closing share price over the past 24 trading days since the Company's earnings announcement on March 13, 2019. "This transaction is the result of diligent analysis and thoughtful strategic deliberations by our board of directors over many months. Our board, with the assistance of independent financial and legal advisors, determined that this transaction, upon closing, will deliver immediate, significant and certain cash value to our stockholders," Kenneth Tuchman, Smart & Final Chairman of the Strategic Review Committee.