Avid Bioservices Shares Rise After $1.1B Buyout Offer

Dow Jones

Nov 07, 2024

By Chris Wack

Avid Bioservices shares were up 12% at $12.25 after getting a buyout offer from GHO Capital Partners and Ampersand Capital Partners.

Under the terms of the buyout, Avid will be acquired by funds managed by GHO and Ampersand in an all-cash transaction valued at $1.1 billion, or $12.50 per share in cash.

The per-share purchase price represents a 13.8% premium to Avid's closing share price of $10.98 on Wednesday, and a 21.9% premium to the company's 20-day volume-weighted average share price for the period ended Wednesday.

Upon completion of the transaction, Avid common stock will no longer be listed on any public stock exchange. The company will continue to operate under the Avid name and brand.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

November 07, 2024 10:29 ET (15:29 GMT)

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