CSPR - The Fall and Rise of Casper Sleep Stock
The nightmare is over for Casper Sleep (NYSE: CSPR) . One of the worst performers from the IPO class of 2020 is getting bought out, a bittersweet exit strategy for a once-promising seller of mattresses and other bedding materials that failed to live up to the hype.
Casper Sleep announced on Monday that it's being acquired by private equity firm Durational Capital Management. The all-cash deal is a buyout at $6.90 a share. Takeouts in the mid-single digits aren't exactly high-fiving affairs, but this is a healthy 94% premium to where the stock was at the end of last week.
The deal is expected to close in the first quarter of next year, and there shouldn't be much resistance. Casper Sleep shareholders still need to vote in favor of the deal, but officers, directors, and affiliated investors who own 28% of the outstanding Casper Sleep shares have agreed to sign off on the transaction.
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The Fall and Rise of Casper Sleep Stock