Apollo Global Management LLC (NYSE: APO) agreed to buy grocer The Fresh Market Inc. (Nasdaq: TFM) for about $1.4 billion in cash in the buyout firm’s third announced acquisition of more than $1 billion since the start of February.

Shareholders will receive $28.50 a share in a tender offer, the companies said in a statement Monday. The price is 24 percent above Fresh Market’s closing level on Friday. The Fresh Market operates about 170 grocery store chains across 27 states.

Subscribe Now

Complete access to real-time information and analysis of news and trends in the industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.