AdTheorent Holding Company, Inc. (ADTH), a digital media platform, announced on Thursday that the third party which had previously submitted a non-binding proposal to acquire the company at $3.35 per share has withdrawn its bid.
The withdrawing party also informed AdTheorent it does not plan to submit another acquisition offer. This proposal had been submitted during the company's go-shop period.
Meanwhile, Cadent, LLC, a portfolio company of Novacap, has agreed to acquire AdTheorent for $3.21 per share in cash, totaling approximately $324 million. The Antitrust review period under the Hart-Scott-Rodino Act ended on May 6. Despite this, AdTheorent and Cadent are still adhering to the existing Merger Agreement, according to a company statement.
On the Nasdaq, ADTH shares were trading down by 7.45 percent at $3.170.
