PRPL - Purple surges 28% after holder Coliseum Capital offers to buy for $4.35/share
- Mattress maker Purple Innovation Inc. ( NASDAQ: PRPL ) jumped 28% after the company's largest investor offered to buy the company.
- Coliseum Capital Management LLC submitted a non-binding offer to acquire all of the common stock it doesn't already own for $4.35/share on Saturday, according to a 13D/A filing. The offer represents a 56% premium to Purple's ( PRPL ) closing price on Friday. Coliseum owns 40.8m shares, or a 45% stake in PRPL.
- Coliseum noted that the offer is conditioned upon the approval of a special committee of independent and disinterested members of the board and subject to a approval of the major of common shares not owned by Coliseum or other interested parties.
- Recall Purple ( PRPL ) rallied in late December after Coliseum Capital increased it stake to over 23% at the time.
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Purple surges 28% after holder Coliseum Capital offers to buy for $4.35/share