Why Meal Kit Maker Blue Apron Shares Are Skyrocketing Today

Meal kit company Blue Apron Holdings Inc APRN shares are skyrocketing after it entered into a definitive merger agreement to be acquired by food-delivery firm Wonder Group, a company founded by entrepreneur Marc Lore.

Blue Apron stockholders will be entitled to receive $13.00 in cash per share, representing an equity value of approximately $103 million.

The per share purchase price represents a 137% premium to the September 28, 2023 closing price of Blue Apron.

Wonder will commence a tender offer to acquire all outstanding shares of APRN's Class A common stock.

The deal is expected to enhance both companies' abilities to deliver chef-curated meals with high-quality ingredients to more customers nationwide.

"The Blue Apron brand and products that our customers know and love will stay the same, with more opportunity for product expansion in the future," said CEO Linda Findley.

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"Further, the transaction delivers immediate and certain value for Blue Apron stockholders at a significant premium over recent trading prices."

Wonder plans to continue Blue Apron's current operations serving customers nationwide under the Blue Apron brand.

FreshRealm, Inc., which beneficially owns approximately 16.5% of Blue Apron's outstanding Class A common shares, has agreed to support the agreement.

The transaction is expected to close in the fourth quarter of 2023.

Blue Apron will release its third quarter 2023 results before the market opens on Thursday, November 9, 2023.

Price Action: APRN shares are trading higher by 134.1% at $12.85 in premarket on the last check Friday.