Sunnyside Bancorp Inc (OTCPink: SNNY) stock shot up 12.47% to $16.87 at the previous close. Over the past week, Sunnyside stock has gained 12.47%, whereas its performance over the last month was 15.95%. After an offer of acquisition was received, SNNY stock rose.
What was the takeover offer?
A federally-chartered stock savings and loan association, Sunnyside Federal Savings and Loan Association is located in Irvington, New York, and was founded in 1930. In addition to financial services, Sunnyside Federal also offers a variety of investment products and services from its Irvington, New York.
Rhodium BA Holdings LLC is an investor based in New York, which beneficially owns approximately 9.82% of Sunnyside Bancorp’s outstanding common shares. Rhodium holds its share in SNNY through OppCapital Associates LLC, a special purpose subsidiary.
Rhodium Network presented its proposal to acquire Sunnyside to the SNNY Board of Directors on Tuesday.
- Within the past 12 months, Rhodium has made several approaches to the SNNY on to acquire it at attractive terms.
- Board of Directors of Sunnyside rejected those offers by Rhodium without explanation.
- While Rhodium’s present offer represents a 23% premium to SNNY’s closing price April 19, 2021, it’s not the only difference in the equation.
- Also, the offer price is 19% higher than the last-month offer price by DLP Bancshares Inc. for SNNY.
- In addition, Rhodium’s offer represents a 50% premium compared to the SNNY’s share price before the DLP’s offer was announced on March 16, 2021.
Rhodium is determined to move forward with its proposed acquisition of SNNY as expeditiously as possible. As well, Rhodium made a cash offer that has a high probability of being closed, which is way more favorable to shareholders of Sunnyside (SNNY) than what the Board has currently agreed upon.