PRPL - Purple Innovation turns away from Coliseum's takeover bid
- Purple Innovation ( NASDAQ: PRPL ) -2.5% aftermarket on Thursday said it rejected a takeover offer of $4.35 per share from Coliseum Capital Management.
- The special committee, which was designated with evaluating Coliseum's offer to buy the remaining stake in Purple, deemed the bid "undervalued" and rejected it in November. Coliseum made the offer in September.
- "The Coliseum proposal undervalues Purple and fails to recognize the strength of our business today as well as our compelling future prospects," chairman Paul Zepf said.
- In subsequent discussions with Coliseum, Coliseum was unwilling to offer more than $4.35 per share, the company said.
- Coliseum owns about 44% of Purple's outstanding shares.
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Purple Innovation turns away from Coliseum's takeover bid