Shares of RetailMeNot Inc (NASDAQ:SALE) have surged 49% in after hours on Monday after the company agreed to sell itself to Harland Clarke Holdings for $11.60 in cash per share. The transaction has been unanimously approved by RetailMeNot’s board and has an equity value of around $630 million. RetailMeNot Inc (NASDAQ:SALE) CEO Cotter Cunningham said, ‘This is an exciting and important milestone for RetailMeNot. Not only are we delivering an immediate and significant cash premium to our stockholders, but we are also meaningfully advancing our goal of becoming a leading savings destination for consumers. This acquisition is a testament to the unwavering commitment and hard work of our 500 plus dedicated employees. Having founded RetailMeNot over seven years ago, I firmly believe that Valassis not only shares our commitment to consumers and merchant partners, but supports continued innovation in driving new solutions for retailers and brands. I am confident in the future of RetailMeNot in its partnership with Valassis and look forward to working closely with the combined team to ensure together we become the premier savings destination’. Shares of the company were down 16% year-to-date before the news.
What Does The Smart Money Sentiment Say?
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According to our database of 742 elite funds and their movements, the smart money was somewhat ambivalent on RetailMeNot in Q4. 15 elite funds had a bullish position in RetailMeNot Inc (NASDAQ:SALE) at the end of the fourth quarter, down 2 funds from the previous quarter. Jim Simons‘ Renaissance Technologies trimmed its stake by 6% to 1.88 million shares at the end of December.
The Bottom Line
RetailMeNot Inc (NASDAQ:SALE) shares have surged after the internet company agreed to sell itself. For more reading, check out ‘10 Largest Online Shopping Sites In The World‘.