Target Hospitality Corp. has received an unsolicited non-binding proposal from Arrow Holdings S.à R.l. ("Arrow"), an affiliate of TDR Capital LLP, to acquire all outstanding shares of common stock of Target Hospitality not already owned by Arrow or any investment fund managed by TDR or their respective affiliates. The proposed offer is for a cash consideration of $10.80 per share.
The company has announced its intention to establish a special committee of independent directors with its own independent advisors to review the proposal. However, as of the release date, neither the board nor the special committee has had an opportunity to carefully review and evaluate the proposal or make any decision with respect to the company’s response to the proposal.
As per the company's statement, there is no assurance that any agreement with respect to the proposed transaction will be executed or that this or any other transaction will be approved or consummated.
Target Hospitality is one of North America’s largest providers of vertically integrated modular accommodations and value-added hospitality services in the United States. The company builds, owns, and operates a customized network of communities for various end users, offering a full suite of value-added solutions including premium food service management, concierge, laundry, logistics, security, and recreational facilities services. The market has reacted to these announcements by moving the company's shares 23.7% to a price of $11.03. If you want to know more, read the company's complete 8-K report here.
