Following several reports from media, general contractor Tutor Perini released a statement this week confirming that the it has formed a special committee of its board of directors to discuss a potential acquisition of the company.
According to a report from Reuters, the company was approached by Apollo Global Management with an offer to purchase the company for $1 billion. Tutor Perini did not reference the Reuters report specifically.
The company did say it expects Chairman and Chief Executive Officer Ronald N. Tutor to retain his leadership role in the company if an acquisition does take place. The statement made clear that the a definitive agreement had not yet been reached.
The special committee charged with handling the acquisition has retained Goldman Sachs & Co. LLC to serve as its financial advisor and Gibson, Dunn & Crutcher LLP and DLA Piper LLP to serve as its legal counsel to assist in its consideration of a potential transaction.