After-Hours Alert: Why Getty Images Stock Is Trading Down

Getty Images Holdings Inc GETY shares are trading lower in Tuesday's after-hours session after the company responded to Trillium Capital's takeover proposal. 

What To Know: On Monday, Trillium announced a non-binding proposal to acquire Getty Images for $10 per share in cash, but named a number of contingencies. 

Contingencies included immediate engagement by the board, due diligence, satisfactory financing arrangements as well as a satisfactory purchase and sale contract, completion of all regulatory matters and approval of shareholders, among other things. 

After the close on Tuesday, Getty responded to the proposal from Trillium.

"Trillium Capital LLC has not provided the Board of Getty Images or its advisors with any evidence that it, its managing partner or its non-binding, highly conditional proposal are sufficiently credible to warrant engagement by the Board of Getty Images," the company said in a press release.

"Absent further details and the demonstration of credibility by Trillium Capital LLC, the Board of Getty Images believes the current management team and company strategy represent the best path forward to maximize the long-term shareholder value."

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GETY Price Action: Getty Images shares were down 5.85% at $5.95 at the time of publication, according to Benzinga Pro.

This illustration was generated using artificial intelligence via MidJourney.