Getty Images Shares Jump On Takeover Proposal From Activist Investor

Trillium Capital proposed to acquire stock-photo company Getty Images Holdings Inc GETY for $10 per share in cash.
The proposal represents a premium of 98% to GETY's Friday closing price of $5.06.
The non-binding proposal is subject to several clauses, which include immediate engagement by the Board of Directors of Getty, completion of due diligence, obtaining adequate financing arrangements and entering a satisfactory purchase & sale contract.
Trillium Capital said it may consider allowing the entities holding over 80% of Getty's outstanding shares (The Getty Family, Koch Industries and Neuberger Berman) to roll some or all their shares into the transaction.
The principals of Trillium Capital will hold their common shares of Getty if the non-binding proposal is accepted, as per the deal.
Last week, Trillium Capital called on Getty to collaborate with technology firms and publishers to grow its revenue.
Two weeks earlier, this activist investor issued an open letter to the board saying Getty's stock should be trading approximately 100% higher.
Price Action: GETY shares are trading higher by 40.51% at $7.11 on the last check Monday.

Overview Rating:

Speculative

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