Simplify Ups Bid for Marygold to $2.40 a Share

Dow Jones
10/01
 

Simplify Asset Management is increasing its bid to buy Marygold to $2.40 a share.

The ETF provider originally offered $2 a share in a Sept. 24 letter to Marygold Chief Executive Nicholas Gerber.

The next day, Marygold announced publicly that it had entered a merger agreement with Madison Dearborn Partners that was also for $2 a share. Simplify followed up with an offer of $2.25 a share.

Marygold filed the Madison Dearborn merger agreement with the Securities and Exchange Commission, and included a fiduciary out provision where Marygold's board could still consider unsolicited acquisition proposals.

However, the period when Marygold could accept other offers began and ended before the Madison Dearborn merger deal had been disclosed, Simplify said.

Simplify said Wednesday that when its chief executive, Paul Kim, contacted Marygold to inquire about its $2.25 a share offer, he was referred to Marygold's press release about the Madison Dearborn deal.

Simplify's latest offer is not binding and subject to confirmatory due diligence and entry into definitive transaction documents. Simplify said it has access to enough funds to complete the deal.

 
 

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