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Blackstone acquires pet care app Rover in $2.3 billion all-cash deal
Private equity giant Blackstone will acquire the pet care app Rover in an all-cash deal valued at $2.3 billion, the companies announced Wednesday.
Shares of Rover climbed about 28% on news of the deal, which will pay Rover shareholders $11 per share. Blackstone said that amounts to a 61% premium over the Rover's average share price during the past 90 trading days.
The deal is expected to close in the first quarter of 2024, at which time Rover will no longer be a publicly-traded company. The agreement includes a 30-day period expiring on Dec. 29 in which Rover and its advisors can solicit and negotiate other acquisition offers.
Rover's board of directors have approved the acquisition and recommended that Rover shareholders do the same.
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