Casper Soars as Shareholders Approve Decision to Go Private

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Casper Soars as Shareholders Approve Decision to Go Private
Credit: © Reuters.

By Dhirendra Tripathi

Investing.com – Casper Sleep stock (NYSE: CSPR ) surged nearly 13% in Thursday’s premarket after deciding to go private.

The mattress-maker is being acquired by entities related to Durational Capital Management, an investment firm focused on consumer companies. The transaction is expected to close next week, Casper said.

As per a Nov. 15, 2021, announcement, Casper stockholders will receive in cash $6.90 per share, a 94% premium to the closing price on Nov. 12, the last trading day prior to the announcement of the merger. That gave the company a valuation of around $287 million.

The stock closed at $5.70 Wednesday.

Casper’s revenue for the third quarter through September rose 27% to an all-time record of $156.5 million. The net loss rose 59%, to $25.3 million. The company had 72 stores at the end of September.

 

 

 

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