By Adriano Marchese
Soho House & Co. said a third-party consortium had offered to buy the private-club and membership-platform operator for $9 a share, sparking a surge in the company's stock price.
The London company Thursday said the consortium offered $9 a share, which represents a premium of 83% to Wednesday's closing price of $4.91. The stock price was up 63% at $8 a share in premarket trading.
The stock has been under pressure in 2024, falling by about a third over the past year.
The offer is supported by some of the company's major shareholders, Soho House said, including the company's Executive Chairman, Ron Burkle, as well as his investment firm Yucaipa Cos. and its affiliates.
The offer is the result of a strategic review that Yucaipa launched, believing the inherent value of the company wasn't reflected in the share price.
Soho House said it had formed a special committee to review the offer, and no assurances could be made a transaction will take place.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
December 19, 2024 08:54 ET (13:54 GMT)
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