By Kelly Cloonan

Vacasa is challenging a takeover offer from Davidson Kempner Capital Management to buy all of the company's outstanding shares at $5.83 each in cash as it moves forward with a competing bid from Casago.

The vacation rental management platform said Monday in a filing with the Securities and Exchange Commission that a special committee of its board has reviewed the proposal and found it would require an amendment to the company's tax receivable agreement to waive payments otherwise due under the policy.

Such an amendment would require the support of a majority in interest of TRA holders, the company said.

The company said the firm has continued to disregard its straightforward requests to provide a competitive deal ahead of the closing of its merger with Casago.

"The committee will not derail or delay the Casago transaction, which provides a very high level of certainty of a significant premium to public stockholders in a distressed company in a very uncertain environment, in response to a proposal that is inactionable and thus illusory," the company said.

The company said it is eager to secure an alternative sale transaction that provides both higher merger consideration and equal or better certainty of closing compared with the Casago merger.

Write to Kelly Cloonan at kelly.cloonan@wsj.com

(END) Dow Jones Newswires

April 14, 2025 17:55 ET (21:55 GMT)

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