Soho House shares rocket after consortium tables £1.4bn takeover offer
The company said a ‘new third-party consortium’ has offered to buy it for nine US dollars per share.
Soho House & Co has revealed it has received a takeover offer from a new consortium.
The members’ club business saw shares rocket by more than 60% in early trading as a result, striking their highest level for over a year.
The company, which is based in London but listed on the New York Stock Exchange, said a “new third-party consortium” has offered to buy it for 9.0 US dollars per share.
The move – which will value Soho House at 1.75 billion dollars (£1.39 billion) – represents an 83% premium against its closing price on Wednesday.
He has sought a potential deal to take the firm private since its recent tumble in share value.
In May, the group rejected a previous takeover offer from an unnamed party, stressing that it did not believe the move “adequately reflects the value” of the company.
On Thursday, the company also reported that member numbers grew by 4.8% to 267,494 for the quarter to the end of September, compared with the same period a year earlier.
It was driven by the continued growth of the Soho House brand, where member numbers rose 13% year-on-year.
Total revenues were 13.6% higher at 333.4 million dollars (£265.7 million) for the period.
Andrew Carnie, chief executive of Soho House & Co, said: “Our third quarter results reflect the strength of our membership model.
“Despite a choppy consumer environment, our long-term strategic focus on operational excellence and delivering the best member experience continues to drive improved performance.”
