Apollo has upped its bid for Tech Data to $6 billion after an unnamed firm made a late bid for the outfit.
Tech Data shareholders accepted a $5.4 billion bid for the firm earlier this month, but it has been revealed that a second, more attractive bid was then received.
Apollo responded quickly, upping its bid to $6 billion, which has now been accepted.
Tech Data said: “The Tech Data board of directors has unanimously approved the amendment and recommends that Tech Data shareholders vote in favour of the transaction.”
The distributor said the rival bid came during a “go-shop” period, which was an agreement as part of Apollo’s initial bid, inviting other parties to propose a takeover.
