Private equity firms Advent International and Rhone Group LLC have emerged as the lead bidders for Cytec Industries Inc's coating resins business that could fetch around $1 billion, according to two people familiar with the matter.The specialty chemicals company has narrowed the list of possible buyers to Advent and Rhone after reviewing final bids, and is expected to make a decision about a buyer soon, the people said on Wednesday.The other suitors that also pursued a takeover of the Cytec business, such as Apollo Global Management LLC, are no longer involved in the auction, according to the sources and other people familiar with the matter.Cytec said in May it started looking for a buyer for the business, which makes coating products such as varnishes and specialty paints and represented roughly half of the company's revenues last year.
Apollo Global Management, LLC (Apollo) is a global alternative asset manager. Shares of APO traded higher by 1.08% or $0.16/share to $14.99. In the past year, the shares have traded as low as $8.85 and as high as $15.48. On average, 204083 shares of APO exchange hands on a given day and today's volume is recorded at 356898.
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