Target Hospitality (TH) announced that its Board has decided to dissolve the Special Committee, which had been set up to evaluate the unsolicited non-binding offer received on March 24, 2024, from Arrow Holdings, an affiliate of TDR Capital LLP. The offer aimed to acquire all outstanding shares of common stock of Target that are not owned by Arrow, any investment fund managed by TDR, or their respective affiliates, at a price of $10.80 per share.
In reviewing the TDR Offer, the Special Committee initiated a formal process to solicit offers for the acquisition of Target Hospitality and invited Arrow to participate. However, Arrow did not reaffirm its original offer. Furthermore, no formal proposals were received following the announcement of a lost contract.
Given the current operating results, Target Hospitality has reaffirmed its 2024 guidance.
