HMHC - Houghton Mifflin Harcourt stock jumps on acquisition by Veritas Capital valued at $2.8B

Houghton Mifflin Harcourt Company (NASDAQ:HMHC) shares jumped ore than 14% premarket in response to the takeover news by Veritas Capital. HMH shareholders are entitled to receive $21 in cash per share through a tender offer. The per share purchase price represents a 36% premium to the company's unaffected share price as of January 13, 2022 and implies an equity value of approximately $2.8B. "Partnering with Veritas will provide HMH with the opportunity to accelerate our momentum and increase our impact on the four million teachers and 50 million students that we support each day. With accelerating billings growth, strong free cash flow and a transformed cost structure, we are at an important inflection point, and the time is right to move into the next phase of our long-term growth strategy alongside a partner that brings significant industry expertise," said Jack Lynch, President and Chief Executive Officer of HMH, who will continue to

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Houghton Mifflin Harcourt stock jumps on acquisition by Veritas Capital valued at $2.8B