AGFS - AgroFresh Solutions jumps 58% after agreeing to pursue $3/share takeover
- AgroFresh Solutions ( NASDAQ: AGFS ) soared 58% in premarket trading after the company said it agreed to pursue a deal with Paine Schwartz Partners to sell itself for $3/share in cash.
- A special committee of AgroFresh's ( AGFS ) board agreed to pursue the deal subject to Paine Schwartz's confirmatory diligence and "definitive documentation," according to an 8-K filing from Wednesday. The offer represents a 91% premium to AGFS closing price on Wednesday.
- Private equity firm Paine Schwartz has been an investor in AgroFresh ( AGFS ) since June 2020 after the company agreed to sell $150 million of convertible preferred stock to the firm. On an as-converted basis, the preferred stock was set to initially represent approximately 36% of AgroFresh's shares outstanding.
- Perella Weinberg Partners is serving as financial advisor to the Special Committee. Morris, Nichols, Arsht & Tunnell is serving as legal advisor to the Special Committee. Morrison & Foerster LLP is serving as legal advisor to AgroFresh ( AGFS ).
- AgroFresh announced Thursday that it expects to report Q3 results on Nov. 9.
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AgroFresh Solutions jumps 58% after agreeing to pursue $3/share takeover