By Chris Wack
Quotient Technology shares were up 17% to $3.92 after the company said Tuesday it was being bought by Neptune Retail Solutions, a retail marketing company with a network of in-store and digital solutions, in an all-cash deal valued at $430 million.
The stock hit its 52-week high of $42.25 on Feb. 8, and is now up 5% in the past 12 months.
Charlesbank Capital Partners, a private investment firm and current majority investor of Neptune, will be the majority investor of the combined company, and its chief executive will be Neptune’s current CEO, William E. Redmond, Jr.
Under the terms of the agreement, Quotient’s shareholders will receive $4 a share in cash, representing a premium of 36% to Quotient’s 30-day volume weighted average price as of Friday’s close.
The transaction is expected to close in the second half of 2023, subject to customary closing conditions, including approval by a majority of Quotient shareholders and regulatory review. Quotient will cease to be a publicly traded company upon completion of the transaction.
Engaged Capital, which owns 8.2% of the outstanding shares of Quotient’s stock, has entered into a voting agreement with Quotient to vote their shares in favor of the transaction.
Write to Chris Wack at [email protected]
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