According to a press release, Blue Apron will be acquired by Wonder Group. This is an at-home dining and food delivery created by Marc Lore, the former president and CEO of Walmart’s (NYSE:WMT) U.S. e-commerce business.
The deal will see investors in APRN stock tender their shares to Wonder Group, which will pay $13 in cash for each of them. That represents a 137% premium to the stock’s closing price on Thursday. It also brings the total value of the deal to $103 million.
The board of directors at Blue Apron has already given its unanimous support to the Wonder Group acquisition deal. So long as investors tender shares in the offer, the deal should close in the fourth quarter of 2023.
What’s Next for Blue Apron
Linda Findley, president and CEO of Blue Apron, said the following is what APRN stockholders can expect from the deal:
“The Blue Apron brand and products that our customers know and love will stay the same, with more opportunity for product expansion in the future. Further, the transaction delivers immediate and certain value for Blue Apron stockholders at a significant premium over recent trading prices.”
APRN stock is up 133.7% as of Friday morning, with some 2 million shares changing hands. For comparison, the company’s daily average trading volume is about 314,000 shares.
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On the date of publication, William White did not have (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.