Soho House Rejects Recent Takeover Offer; Dissolves Special Committee
(RTTNews) - Soho House & Co Inc. (SHCO) said Friday that it received interest from a party that conditioned a proposal on certain Class B holders rolling over their equity interests in the Company as part of a transaction.
The offer received from the party was at a value that reflected a substantial premium over the current trading price.
After thorough review by the Special Committee and its independent advisors, the Special Committee concluded that the offer did not adequately reflect the value of the Company and was not in the best interests of its public stockholders.
Consequently the Special Committee has requested that the Board dissolve the Special Committee, which it has done.
As previously announced, the Board of Directors of the Company established an independent Special Committee of the Board in the fall of 2023 to evaluate certain strategic transactions, which included potentially becoming a private company. The Company also announces today its intention to hold an Investor Day later this year at which it intends to update investors on its long-term growth plans.
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