Shares of Target Hospitality Corp TH are trading higher after the workforce lodging company’s Board of Directors received an unsolicited non-binding proposal from Arrow Holdings S.à r.l.
Arrow, an affiliate of TDR Capital LLP, has offered to acquire all of the outstanding shares of common stock of Target Hospitality that they do not own for cash consideration of $10.80 per share.
The offer price represents a premium of 21% to Friday’s closing price of $8.92.
The Board intends to establish a special committee of independent directors with its own independent advisors to review the proposal.
Target Hospitality noted that there can be no assurance that any agreement with respect to the proposed transaction will be executed.
Target Hospitality builds, owns, and operates a customized and growing network of communities for a range of end users, including premium food service management, concierge, laundry, logistics, security, and recreational facilities services.
Price Action: TH shares are trading higher by 23.99% at $11.06 on the last check Monday.
Photo via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
