Latest news with #privatization
Bloomberg
4 hours ago
- Business
- Bloomberg
Stocks Rally Breathes Life Into Oman's IPO Ambitions
Oman's stock market has staged a comeback in recent months, raising investor expectations for the Gulf state's privatization program after a string of underwhelming debuts. Muscat's benchmark index has risen 16% from its April low, driven by factors including credit rating upgrades and reform measures. After struggling in their initial months as listed entities, OQ Base Industries SAOG has surged over 40% since April, while OQ Exploration & Production SAOG has gained nearly 20%.
CNA
a day ago
- Business
- CNA
Yext CEO offers to take company private in $1.1 billion deal
Yext's CEO Michael Walrath has proposed taking the search optimization company private in a deal valued at about $1.1 billion, it said on Monday, sending shares up 9 per cent in early trading. Walrath, who owns 2.8 per cent of the company's shares according to data compiled by LSEG, offered $9.00 per share in cash for the stock he does not already own — a premium of 11.2 per cent to Friday's closing price. Walrath indicated that the proposal is backed by reputable and well-capitalized financing sources, the company said. It did not disclose the names of the funding sources. Yext's board has formed a special committee to evaluate the proposal and any strategic alternatives. There is no assurance the proposal will result in a transaction, the company said. The New York-based company also said it is withdrawing its forecast for the rest of the fiscal year 2026 in light of the proposal. The company's full-year revenue for 2025 rose 4 per cent to $421.0 million, but its net loss jumped to $27.9 million from $2.6 million from a year ago. Its stock has gained more than 50 per cent in the past 12 months. Yext provides software that helps companies increase their visibility on AI and traditional search, social media, websites and direct communications platforms. "Yext has achieved remarkable progress, and I believe now is the right time to explore a transaction that can deliver compelling value to stockholders," Walrath said in a statement.
Yahoo
a day ago
- Business
- Yahoo
Yext CEO offers to take company private in $1.1 billion deal
(Reuters) -Yext's CEO Michael Walrath has proposed taking the search optimization company private in a deal valued at about $1.1 billion, it said on Monday, sending shares up 9% in early trading. Walrath, who owns 2.8% of the company's shares according to data compiled by LSEG, offered $9.00 per share in cash for the stock he does not already own — a premium of 11.2% to Friday's closing price. Walrath indicated that the proposal is backed by reputable and well-capitalized financing sources, the company said. It did not disclose the names of the funding sources. Yext's board has formed a special committee to evaluate the proposal and any strategic alternatives. There is no assurance the proposal will result in a transaction, the company said. The New York-based company also said it is withdrawing its forecast for the rest of the fiscal year 2026 in light of the proposal. The company's full-year revenue for 2025 rose 4% to $421.0 million, but its net loss jumped to $27.9 million from $2.6 million from a year ago. Its stock has gained more than 50% in the past 12 months. Yext provides software that helps companies increase their visibility on AI and traditional search, social media, websites and direct communications platforms. "Yext has achieved remarkable progress, and I believe now is the right time to explore a transaction that can deliver compelling value to stockholders," Walrath said in a statement. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
a day ago
- Business
- Yahoo
Yext CEO offers to take company private in $1.1 billion deal
(Reuters) -Yext's CEO Michael Walrath has proposed taking the search optimization company private in a deal valued at about $1.1 billion, it said on Monday, sending shares up 9% in early trading. Walrath, who owns 2.8% of the company's shares according to data compiled by LSEG, offered $9.00 per share in cash for the stock he does not already own — a premium of 11.2% to Friday's closing price. Walrath indicated that the proposal is backed by reputable and well-capitalized financing sources, the company said. It did not disclose the names of the funding sources. Yext's board has formed a special committee to evaluate the proposal and any strategic alternatives. There is no assurance the proposal will result in a transaction, the company said. The New York-based company also said it is withdrawing its forecast for the rest of the fiscal year 2026 in light of the proposal. The company's full-year revenue for 2025 rose 4% to $421.0 million, but its net loss jumped to $27.9 million from $2.6 million from a year ago. Its stock has gained more than 50% in the past 12 months. Yext provides software that helps companies increase their visibility on AI and traditional search, social media, websites and direct communications platforms. "Yext has achieved remarkable progress, and I believe now is the right time to explore a transaction that can deliver compelling value to stockholders," Walrath said in a statement. Sign in to access your portfolio
CTV News
a day ago
- Business
- CTV News
Soho House to go private in US$2.7 billion deal, Ashton Kutcher to join board
Soho House is going private in a US$2.7 billion deal led by New York-based MCR Hotels, capping a turbulent market run and financial struggles that erased nearly half of the high-end members club operator's value since its 2021 debut. Shareholders of Soho will get $9 per share, a 17.8 per cent premium to the closing price on Friday. Its shares shot up 16 per cent in premarket trading to $8.86 after the company's Monday announcement. Actor and tech investor Ashton Kutcher will also be joining Soho's board following the deal, and the company named hospitality veteran Neil Thomson as chief financial officer to succeed Thomas Allen effective immediately. Soho was started by restaurateur Nick Jones in 1995 on London's Greek Street above his restaurant, Cafe Boheme, as a meeting place for creative people. Known for its stylish interiors and exclusivity, the club now has operations across Europe, North America and Asia. But less than three years after going public, Soho formed a special board committee to explore taking the company private, as the high-end club struggled to turn a profit despite growth in membership and revenue. Under the new deal, MCR Hotels will get Soho's publicly traded shares while founder Nick Jones and Executive Chairman Ron Burkle and his investment firm Yucaipa will retain majority control of the business. Daniel Loeb, whose hedge fund Third Point owns a nearly 10 per cent stake in Soho, had earlier this year urged the company for a 'fair' sales process after Soho announced a take-private offer from an unnamed consortium late in 2024. The billionaire investor had said other parties with experience investing in the hospitality sector may be interested in the asset. He had also called the $9-a-share offer a 'sweetheart' deal and pointed to Burkle's 'conflicts of interest and undue influence on the board.' Burkle's Yucaipa and founder Jones collectively own about three-quarters of the company. Loeb's Third Point did not immediately return a Reuters request for comment on Monday. Funds managed by affiliates of Apollo Global Management APO.N are supporting the deal through hybrid capital financing, Soho said. The Wall Street Journal had reported on Sunday that Apollo was expected to provide more than $700 million in equity and debt financing for the deal. (Reporting by Aatreyee Dasgupta in Bengaluru; Editing by Devika Syamnath)
