Thursday, July 16, 2009
Sperlings cash in $50 million in Apollo Group stock
Phoenix Business Journal - by Cathy Luebke
John Sperling and his son Peter cashed in more than $50 million in Apollo Group Inc. stock this week.
John Sperling is executive chairman of the board and Peter Sperling is vice chairman of the University of Phoenix parent.
The elder Sperling exercised options on 562,500 shares with prices of $8.39 and $14.84 per share for a gain of $30.5 million. He still is the beneficial owner of more than 13 million shares of Apollo stock (Nasdaq:APOL).
Peter Sperling sold 256,250 shares for $16.8 million, however, documents filed with the U.S. Securities and Exchange Commission did not show how much he paid for all of those shares. He still owns more than 5 million shares.
Apollo stock closed Thursday, July 16, at $66.26 per share. It hit an annual high of $90 in January rising from a low near $50 per share in early fall as most stocks plummeted in late 2008 and early 2009.
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