Spok Holdings Inc. (NASDAQ: SPOK) stock gained by 3.93% at last close whereas the SPOK stock price declines by 5.48% in the after-hours trading session. Spok, Inc., based in Alexandria, Virginia, and a subsidiary of Spok Holdings, Inc., is pleased to be a worldwide leader in healthcare communications. To enhance patient care, they send clinical information to care, teams, when and where it’s needed.
SPOK stock’ Recent Update
Spok Holdings stated that its Board of Directors, with the help of financial and legal experts, has begun a study of the Company’s strategic alternatives to examine prospective transactions, such as a sale of the company, and other measures that would increase shareholder value.
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Following the receipt of numerous private expressions of interest in purchasing all or part of Spok, the company’s strategic assessment process has been underway for many weeks. In light of Acacia Research Corporation and its partner, Starboard Value L.P., publicly expressing interest in purchasing Spok and rapidly accumulating more than 5% of Spok’s outstanding stock, the Company decided to reveal its review process to give full transparency to all relevant parties, including the Company’s shareholders. On an equal footing with all interested parties, the Board will ask Acacia to participate in the continuing strategic review process.
The Board unanimously authorized the adoption of a confined shareholder rights plan on September 2, 2021, aftermarket hours, and announced a distribution of one right for each outstanding share of common stock. The Rights Plan is operative and will expire on August 31, 2022, unless the Rights Plan is canceled sooner. The rights distribution record date is September 17, 2021.
The Rights Plan was developed to guarantee that the Board could conduct a thorough evaluation of strategic options. The Rights Plan will not prevent the Spok Board from evaluating a reasonable and beneficial offer for Spok shareholders.