Select Interior Concepts Inc. (NASDAQ: SIC) stock soared by 2.99%at last close while the SIC stock price surges by 28.61% in the pre-market trading session. Select Interior Concepts is a major interior construction supply distributor with market-leading positions in highly desirable markets.
SIC stock, Current Update
Select Interior Concepts reported that it has signed a final deal under which an entity of Sun Capital Partners would purchase the company for $411 million in an all-cash transaction.
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Every share of SIC common stock issued and outstanding immediately prior to the finalization of the transaction will be allowed to obtain $14.50 in cash, representing a 32 percent premium over SIC’s closing price and a 42 percent premium over SIC’s 30-day volume-weighted average price of $10.20 on August 6, 2021, according to the terms of the deal.
The transaction is scheduled to conclude early in the fourth quarter of 2021, pursuant to shareholder approval and other normal closing requirements, along with the receipt of needed regulatory clearances. SIC will be a privately owned business when the deal is completed, and shares of SIC common stock will no longer be issued on any public exchanges.
Brett G. Wyard, Chairman of SIC Stock, stated that,
As they declared the sale of their Residential Design Services division on June 30, 2021, they stated that the Board of Directors was carefully examining a wide range of key, operational, and financial options to make sure the Company was on the best path to generating shareholder value. They are happy to engage into a formal selling agreement with a Sun Capital subsidiary after careful and serious discussion with their financial advisers. The Board evaluated the present status of the business, as well as its prospects and possibilities, before reaching its decision. This route, they think, is in the shareholders’ best interests, since it provides them with quick and considerable return for their investment.