Business
Target Hospitality Receives Buyout Offer from TDR Capital
THE WOODLANDS, Texas, Nov. 5, 2020 /PRNewswire/ -- Target Hospitality Corp. ("Target Hospitality", "Target" or the "Company") (NASDAQ: TH), the largest
About this update from Target Hospitality Corp.
[{"type":"text","content":"THE WOODLANDS, Texas, Nov. 5, 2020 /PRNewswire/ -- Target Hospitality Corp. (\"Target Hospitality\", \"Target\" or the \"Company\") (NASDAQ: TH), the largest provider of vertically-integrated specialty hospitality accommodations with premium catering and value-added hospitality services in the U.S., today announced that the Board of Directors of Target Hospitality (\"the Board\") has received an unsolicited non-binding proposal from Arrow Holdings S.à r.l. (\"Arrow\"), an affiliate of TDR Capital LLP (\"TDR\"), to acquire all of the outstanding shares of common stock of Target Hospitality that are not owned by any of Arrow, any investment fund managed by TDR or their respective affiliates, for cash consideration of $1.50 per share (the \"Proposal\"). \nThe Board intends to establish a special committee of independent directors with its own independent advisors to review the Proposal (the \"Special Committee\").\nThe Board has just received the Proposal and neither the Board nor the Special Committee has had an opportunity to carefully review and evaluate the Proposal or make any decision with respect to the Company's response to the Proposal. There can be no assurance that any agreement with respect to the proposed transaction will be executed or that this or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.\nAbout Target Hospitality\nTarget Hospitality is the largest provider of vertically integrated specialty rental accommodations and value- added hospitality services in the United States. Target Hospitality builds, owns, and operates customized housing communities for a range of end users, and offers a full suite of cost-effective hospitality solutions including culinary, catering, concierge, laundry and security services as well as recreational facilities. Target Hospitality primarily serves the energy and government sectors, and its growing network of 25 communities with over 13,000 rooms is designed to maximize workforce productivity and satisfaction.\nForward-Looking Statements\nThis press release includes \"forward-looking statements\" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of...