Getty Images (NYSE:GETY) stock is taking off on Monday as investors react to a takeover offer from Trillium Capital, LLC.
That takeover offer has Trillium pricing shares of GETY stock at $10 each. That represents a roughly 98% premium to the stock’s closing price on Friday. The offer would also see Trillium Capital pay cash for the shares.
The offer from Trillium is non-binding and the company has certain special details. That includes allowing large shareholders such as “The Getty Family, Koch Industries and Neuberger Berman […] to roll some or all their shares” into the deal. For the record, these groups own more than a combined 80% stake in the company.
Trillium also wants to extend its influence to the company’s Board of Directors. That has it seeking to add its managing partner to the board as chairman, should the takeover offer be accepted.
Investors will also keep in mind that Trillium already has a stake in GETY stock. The company holds more than 500,000 shares of GETY stock.
GETY Stock Movement Today
With today’s takeover offer, some 13 million shares have changed hands. That’s a massive surge compared to the company’s daily average trading volume of about 432,000 shares.
GETY stock is up 32.4% as of Monday morning.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
