Atlas Technical Consultants Stock Jumps As It Agrees To Go Private At 124% Premium By Benzinga
© Reuters. Atlas Technical Consultants Stock Jumps As It Agrees To Go Private At 124% Premium
Benzinga –
- Atlas Technical Consultants Inc (NASDAQ: ATCX) has agreed to be acquired by private investment firm GI Partners in an all-cash transaction valued at approximately $1.05 billion, including outstanding debt.
- Under the terms of the transaction, Atlas shareholders will receive $12.25 per share in cash, representing a premium of 124% over the company’s closing share price of $5.47 on Jan. 30, 2023.
- Upon completion of the transaction, Atlas’ shares will no longer trade on Nasdaq and it will become a private company.
- “We are pleased to have reached this agreement with GI Partners, which we believe will deliver immediate and certain cash value to Atlas shareholders at a significant premium,” said executive chairman Brian Ferraioli.
- The transaction is expected to close in Q2 FY23. Atlas’ Board recommends shareholders vote in favor of the transaction.
- Affiliates of Bernhard Capital Partners, which own approximately 43% of the outstanding Atlas common stock, have entered into a voting agreement supporting the transaction.
- Price Action: ATCX shares are trading higher by 120.4% on the last check Tuesday.
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