Apollo’s $5.2 Billion Arconic Acquisition Draws Investor Lawsuit

An investor sued Arconic Corp. over concerns that its planned $5.2 billion sale to Apollo Global Management Inc. and Irenic Capital Management LP may have been timed to exploit a temporary downturn.

The lawsuit seeks files from the metals company to probe claims that its board tilted the scales in favor of Apollo and Irenic, founded by a veteran of activist hedge fund Elliott Management Corp., which spent years pressuring Arconic and former parent company Alcoa Corp. Arconic was formed when its direct corporate predecessor split in two after spinning off from Alcoa.

Although the suit is preliminary in nature, ...