SPAR Group Enters Into Definitive Agreement To Be Acquired By Highwire Capital For $2.50 Per Share
Benzinga Newsdesk 2 years ago
M&A
Letter of Intent Previously Announced on June 5, 2024 $2.50 Per Share Merger Consideration Represents a 72% Premium to SPAR Group's Closing Share Price on August 30AUBURN HILLS, Mich., Sept. 03, 2024 (GLOBE
- Letter of Intent Previously Announced on June 5, 2024
- $2.50 Per Share Merger Consideration Represents a 72% Premium to SPAR Group's Closing Share Price on August 30
AUBURN HILLS, Mich., Sept. 03, 2024 (GLOBE NEWSWIRE) -- SPAR Group, Inc. (NASDAQ:SGRP) ("SPAR", "SPAR Group" or the "Company"), a provider of merchandising, marketing and distribution services, announced today it has entered into a definitive agreement to be acquired by Highwire Capital ("Highwire"), an investment firm focused on transforming businesses through technology.
Under the terms of the agreement, which has been unanimously approved by SPAR Group's Board of Directors, SPAR Group stockholders will receive $2.50 per share in cash, representing a 72% premium over the closing share price on the last trading day before the announcement and a 37.8% premium over SPAR Group's 30-day volume-weighted average share price. Upon approval by SPAR Group's stockholders and completion of the transaction, SPAR Group will become a privately held company, and its stock will no longer be traded on NASDAQ.