THE WOODLANDS, Texas - Target (NYSE:TGT) Hospitality Corp. (NASDAQ:TH), a leading provider of modular accommodations in North America, disclosed today that it has received a preliminary acquisition offer from Arrow Holdings S.à r.l., associated with TDR Capital LLP. The unsolicited proposal suggests purchasing the outstanding common stock of Target Hospitality not already held by Arrow or TDR-related funds at $10.80 per share.
The company's Board of Directors is in the process of forming a special committee composed of independent directors, which will be supported by independent advisors to evaluate the proposal. As the offer has just been received, the Board and the special committee are yet to review the details or determine the company's response.
Target Hospitality has made it clear that there is no certainty an agreement will be reached or that this transaction, or any other, will be finalized. The company has not committed to providing updates on the transaction unless legally required.
This development follows Target Hospitality's continued expansion of its network of communities, which includes comprehensive hospitality services such as food management, concierge, and logistics. The company's operations cater to a diverse clientele, providing customized accommodation solutions.
The proposal from Arrow Holdings and TDR Capital introduces a potential shift in ownership for Target Hospitality, but the outcome remains uncertain as the special committee has yet to assess the offer. The transaction's completion is subject to numerous factors, including negotiation, definitive agreements, and requisite approvals.
Investors are advised that the information is based on a press release statement and that the situation is developing. Target Hospitality's forward-looking statements indicate that various factors could influence the actual results of this proposal, and the company does not intend to update the public on the progress of the discussions unless required by law.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.