The founder is leading a buyout to revive the struggling business.
The company has agreed to be acquired by its founder and former CEO. The potential IRR stands at 70–200%, with closing expected in Q4’25 or early 2026. The largest shareholder supports the deal, and only about one-third of remaining holders need to approve it – so the vote should pass. Management has also mentioned potential rollover agreements, meaning that some major shareholders could also join the buyer consortium.
At quick glance, the offer might look opportunistic as it is coming right after a 40% share price drop in September–October. However, that decline was likely triggered by weak results from a peer, which weighed on the whole sector. In that context, the buyout offers a substantial premium for shareholders.
The offer follows a lengthy strategic review launched in late 2024. A large event-driven fund with a strong track record in merger arbs recently took a position, so it likely sees solid odds of completion.
A 30-day go-shop period is in place and expires this week.
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