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Buyout firm Apollo to buy golf course operator ClubCorp for $1.1 billion

Buyout firm Apollo to buy golf course operator ClubCorp for $1.1 billion

With 2.4 million MYCC shares sold short as of the most recent reporting period, it's quite likely that bears have beaten a hasty path to the exits today. The stock rose 30.53% or $4 reaching $17.1 per share. Citigroup Inc. was lead financial adviser to Apollo, with RBC Capital Markets LLC, Barclays Plc, Credit Suisse Group AG and Deutsche Bank AG assisting. The transaction is expected to close sometime in the year's fourth fiscal quarter. The average twelve-month target price among brokers that have issued ratings on the stock in the past year is $19.50. Marshall Wace Llp holds 0% in ClubCorp Holdings Inc (NYSE:MYCC) or 34,918 shares. State Street Corp boosted its position in shares of ClubCorp Holdings by 2.6% in the first quarter. Princeton Alpha Management LP purchased a new stake in ClubCorp Holdings during the first quarter valued at approximately $175,000.

Analyst's ratings play a very important role in outlining a stock's performance.

A number of hedge funds have recently added to or reduced their stakes in the stock. Macquarie had a markedly different take on 06/03/2017, proposing that ClubCorp Holdings, Inc.is now considered Neutral versus prior Outperform rating. Moreover, Walleye Trading Ltd Liability has 0.01% invested in ClubCorp Holdings Inc (NYSE:MYCC) for 60,991 shares. The company's stock had a trading volume of 21,190,809 shares. The firm has a market cap of $1.12 billion, a PE ratio of 284.583 and a beta of 1.12. The company has a 50-day moving average price of $13.28 and a 200 day moving average price of $14.98.

The deal comes three months after ClubCorp announced the retirement of is CEO Eric Affeldt and said it had decided not to pursue a "strategic transaction", after efforts to explore a sale did not result in any offer for the entire company. The company reported ($0.12) EPS for the quarter, missing analysts' consensus estimates of ($0.08) by $0.04. ClubCorp Holdings had a return on equity of 8.96% and a net margin of 0.41%. The firm had revenue of $221.28 million during the quarter, compared to the consensus estimate of $221.74 million.

Shares of ClubCorp Holdings, Inc. are presently 58.10% off the 52 week low.

ILLEGAL ACTIVITY WARNING: This article was posted by The Cerbat Gem and is owned by of The Cerbat Gem. If you are reading this news story on another site, it was illegally copied and republished in violation of United States and global copyright legislation. (NYSE:MYCC) from a hold rating to a buy rating in a research report report published on Thursday, June 29th. Imperial Capital maintained ClubCorp Holdings Inc (NYSE:MYCC) on Monday, October 17 with "Outperform" rating. Analysts set a 12-month price target of $10.5 a share. Under the terms of the agreement, shareholders of ClubCorp will receive $17.12 in cash for each share of ClubCorp common stock. The stock of ClubCorp Holdings Inc (NYSE:MYCC) has "Outperform" rating given on Thursday, January 19 by FBR Capital.

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