Getty Images Soars on Trillium Capital Offer $10 a Share
(Bloomberg) -- Getty Images Holding Inc. shares soared the most in nine months on Monday after investment firm Trillium Capital LLC proposed to acquire the stock-photo company for $10 a share in cash.
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The offer price, which would value Getty at almost $4 billion, is nearly double Getty’s closing share price of $5.06 per share on April 21, according to Bloomberg calculations. Getty shares rose as much as rise as much 62% as the market opened in New York.
Trillium said the proposal is contingent upon a number of things, including immediate engagement by the Getty board. The activist investor said it may consider permitting shareholders who own more than 80% Getty shares, including the Getty family, Koch Industries and Neuberger Berman, to roll some or all their shares into the transaction. Principals of Trillium Capital will hold their shares of common stock of the company.
Trillium Managing Partner Scott Murray will join the board of Getty and become its chairman if the transaction is completed, according to a statement on Monday.
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