Weber Inc. (NYSE:WEBR) announced that it accepted a buyout offer from BDT Capital Partners at $8.05 per share. The deal price implies a total enterprise value of $3.7B for the grill maker.
The purchase price is noted to be a premium of 60% to the closing price of the Class A Shares on October 24, the last trading day before BDT submitted a non-binding acquisition proposal to the board.
“We appreciate the Special Committee’s comprehensive evaluation of BDT’s offer and are confident that this transaction provides immediate and fair value to Weber minority shareholders,” noted interim Weber (WEBR) CEO Alan Matula.
Upon completion of the transaction, Weber will become a privately held company majority owned by investment funds managed by BDT. The transaction is expected to close in the first half of 2023, subject to customary closing conditions.
Shares of Weber (WEBR) closed at $6.50 on Friday or about 24% below the buyout price. Weber (WEBR) priced its IPO back in August of 2021 at $14 per share.
Within the narrow grill sector, Traeger Inc. (COOK) rose 8.05% in premarket action in reaction to the M&A news.
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