SEATTLE, Dec. 29, 2023 (GLOBE NEWSWIRE) -- Rover Group, Inc. (NASDAQ:ROVR) ("Rover" or the "Company"), the world's largest online marketplace for pet care, today announced the expiration of the 30-day "go-shop" period under the terms of the previously announced merger agreement. Under the merger agreement, private equity funds managed by Blackstone Inc. ("Blackstone") have agreed to acquire Rover in an all-cash transaction valued at approximately $2.3 billion. The "go-shop" period expired at 12:01 p.m. Pacific Time on December 29, 2023.
In accordance with the merger agreement, Rover and its representatives and advisors actively solicited alternative acquisition proposals from potential interested third parties. However, during the "go-shop" period Rover did not receive any alternative acquisition proposals from any third party.
The transaction is currently expected to close in the first quarter of 2024, subject to customary closing conditions, including approval by Rover stockholders and the expiration or termination of any applicable regulatory waiting period. Closing of the transaction is not subject to a financing condition. Upon completion of the transaction, Rover's Class A common stock will no longer be publicly-listed and Rover will become a privately held company. The Company will continue to operate under the Rover name and brand.
About Rover Group, Inc.
Founded in 2011 and based in Seattle, Rover (NASDAQ:ROVR) is the world's largest online marketplace for pet care. Rover connects pet parents with pet providers who offer overnight services, including boarding and in-home pet sitting, as well as daytime services, including doggy daycare, dog walking, and drop-in visits. To learn more about Rover, please visit www.rover.com.
Cautionary Statement Regarding Forward-Looking Statements
This communication may contain forward-looking statements, which include all statements that do not relate solely to historical or current facts, such as statements regarding the pending acquisition of the Company by private equity funds managed by Blackstone (the "Merger") and the expected timing of the closing of the Merger and other statements that concern the Company's expectations, intentions or strategies regarding the future. In some cases, you can identify forward-looking statements by the following words: "may," "will," "could," "would," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "project," "aim," "potential," "continue," "ongoing," "goal," "can," "seek," "target" or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. These forward-looking statements are based on the Company's beliefs, as well as assumptions made by, and information currently available to, the Company. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected and are subject to a number of known and unknown risks and uncertainties, including, but not limited to: (i) the risk that the Merger may not be completed on the anticipated timeline or at all; (ii) the failure to satisfy any of the conditions to the consummation of the Merger, including the receipt of required approval from the Company's stockholders and required regulatory approval; (iii) the occurrence of any event, change or other circumstance or condition that could give rise to the termination of the merger agreement with private equity funds ...