© Reuters. Weber (WEBR) Shareholder BDT Offers to Acquire Remaining Shares for $6.25/Share
By Investing.com Staff
Shares of grill maker Weber Inc (NYSE:) gained 20% after-hours Monday after large shareholder BDT Capital offered to acquire the shares it does not currently own for $6.25 per share.
Today’s news follows a earlier in the month that Weber had been approached about a takeover by a private equity firm and has hired investment bank Centerview Partners to review its options.
“Our Proposal offers immediate liquidity to the Company’s public stockholders, while eliminating the risks to the public stockholders in the current market and operating environment that the Company’s current leverage position is unsustainable and that the Company may be unable to effect a recapitalization,” the offer letter said. “Our Proposal represents a 24% premium to the closing price of the Company’s shares of Class A common stock on October 24, 2022.”
BDT said it is only interested in acquiring the shares of the Company that they do not currently own. They have no interest in a disposition or sale of their holdings in the Company or Weber Holdco, LLC and have no interest in participating in an alternative change of control transaction involving the Company.
“In our capacity as a stockholder of the Company, we would not vote in favor of any alternative sale, merger or similar transaction involving the Company,” BDT said in its letter.
“It is our expectation that a fully empowered special committee comprised of independent and disinterested directors appointed by the Company’s Board of Directors will consider our Proposal and make a recommendation to the Company’s Board of Directors,” the letter goes on to say. “We will not move forward with our Proposal unless it is recommended to the Company’s Board of Directors by such special committee, advised by independent legal and financial advisors.”
Weber has not immediately responded to a request to comment.
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