Vestis Corp Shares Increase

Shares of Vestis Corp (NYSE:VSTS) rose 1.2% to $16.50 on Tuesday following a Reuters report regarding possible acquisition interest from private equity firms Advent International and Apollo Global Management (NYSE:APO).

According to the report, Vestis, based in Roswell, Georgia, has enlisted financial advisers to gauge interest from potential buyers. This effort commenced after receiving an acquisition offer from French competitor Elis SA.

Vestis has become a prime acquisition target after it lowered its fiscal-year earnings and revenue forecasts in May, leading to a significant drop in its stock price. Following this, activist investor Corvex Management, spearheaded by veteran hedge fund manager Keith Meister, purchased a stake in the company and secured a position on Vestis's board of directors in June.