Press release
Turtle Beach Provides Update on its Review of Strategic Alternatives
Will Maintain Focus on Driving Value for Stockholders as a Standalone Business WHITE PLAINS, N.Y.--(BUSINESS WIRE)-- Leading gaming accessory maker Turtle
About this update from Turtle Beach Corporation
[{"type":"text","content":"\nWill Maintain Focus on Driving Value for Stockholders as a Standalone Business\n\n WHITE PLAINS, N.Y.--(BUSINESS WIRE)--\nLeading gaming accessory maker Turtle Beach Corporation (Nasdaq: HEAR) (“Turtle Beach” or the “Company”) today provided an update regarding its previously announced review of strategic alternatives.\n\nOver the course of the review, the Board’s Strategic Committee (the “Strategic Committee”), in consultation with its financial and legal advisors, engaged in a proactive process to evaluate strategic opportunities, focused on a sale of the Company. As part of the review, the Strategic Committee, through its financial advisor, Bank of America, contacted and held discussions with 109 parties, which included strategic and financial parties. The Strategic Committee received robust interest from multiple strategic parties, however, due to a number of factors including current market dynamics, the challenging financing environment, inflation affecting consumer discretionary spending and ongoing integrations of prior acquisitions, these parties were ultimately not in a position to move forward with an acquisition at this time. Furthermore, while several financial parties submitted preliminary indications of interest to acquire the Company, in light of factors including current market dynamics and the challenging financing environment, those parties declined to move forward in the process. Therefore, the Strategic Committee has determined to conclude the proactive outreach to potential buyers. Nevertheless, the Strategic Committee will continue to evaluate strategic opportunities consistent with the Strategic Committee’s charter.\n\n“Through the duration of our extensive process, the Board and Strategic Committee were singularly focused on maximizing value for Turtle Beach stockholders,” said Mr. William Keitel, Chair of the Strategic Committee. “We have conducted a robust and exhaustive review of strategic alternatives, focused on a potential sale of the Company, contacting over 100 potential acquirors, but these parties were not able to make a proposal that would deliver value to our stockholders due to a convergence of external factors, including macro-economic challenges related to supply chain constraints, inflationary concerns and a challenging consumer spending environment. As a result, we ultimately determine...