TH - Why Target Hospitality Stock Surged Higher This Week
2024-03-28 13:31:13 ET
The majority owner of Target Hospitality (NASDAQ: TH) would like to buy the shares it doesn't already own. Investors are excited about the potential payout, sending Target shares up 22% for the week as of Thursday afternoon, according to data provided by S&P Global Market Intelligence .
Target Hospitality is a provider of modular accommodations and related services used in emergencies and in situations with temporary surging demand for lodging. The company went public via a 2019 merger with a special purpose acquisition company ( SPAC ).
Arrow Holdings, an affiliate of private equity firm TDR Capital, currently owns 64% of Target's shares, but it is looking to add to its stake. On Monday, Target announced that its board has received an unsolicited, non-binding proposal to acquire the remaining shares for $10.80 apiece.
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Why Target Hospitality Stock Surged Higher This Week