Casper Sleep to be taken private by Durational; shares surge
Casper Sleep Inc
$0.00
20:05 27/12/24
Casper Sleep has agreed to be bought by private equity firm Durational Capital Management, sending shares in the company surging.
Under the terms of the agreement, Casper shareholders will receive $6.90 per share, which is a 94% premium to the closing share price on Friday.
Casper’s board of directors has unanimously approved the deal, which is expected to close in the first quarter of next year.
The company’s chief executive officer and co-founder Philip Kim said: "We are delighted to announce this transaction with Durational Capital Management that creates immediate and substantial value for shareholders, and allows Casper to move forward on strong financial footing.
"In consultation with outside advisors, Casper’s board of directors evaluated a range of strategic and financial alternatives over several months and determined, after careful consideration, that the transaction proposed by Durational is superior to all other alternatives available."
At 1430 GMT, the shares were up 89% at $6.70.