Weber Inc.’s stock climbed more than 24% in after-hours trading Monday, mirroring an offer from its largest shareholder to buy the grill maker’s remaining shares for $6.25 apiece. The offer to buy Weber’s WEBR, 38.17% 27.5 million shares not currently owned by BDT Capital Partners represents a 24.8% premium to the grill maker’s closing pricing on Monday. Weber has been mentioned as a potential meme stock, after being noted for its high short-interest and small stock float.
BDT Capital Partners delivered a letter to Weber’s board Monday detailing the proposal to purchase the grill maker’s outstanding stock, according to a filing with the Securities and Exchange Commission.
“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 states.
“We wish to emphasize that, in our capacity as a stockholder of the Company, we are only interested in acquiring the shares of the Company that we do not currently own, and accordingly we have no interest in a disposition or sale of our holdings in the Company or Weber Holdco, LLC and we have no interest in participating in an alternative change of control transaction involving the Company,” the letter added.
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BDT Capital Partners delivered a letter to Weber’s board Monday detailing the proposal to purchase the grill maker’s outstanding stock, according to a filing with the Securities and Exchange Commission.
“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 states.
“We wish to emphasize that, in our capacity as a stockholder of the Company, we are only interested in acquiring the shares of the Company that we do not currently own, and accordingly we have no interest in a disposition or sale of our holdings in the Company or Weber Holdco, LLC and we have no interest in participating in an alternative change of control transaction involving the Company,” the letter added.
Continue reading @ https://www.marketwatch.com/story/w...acquisition-offer-for-grill-maker-11666655262
