After a highly contentious bidding war, Vacasa announced that its shareholders approved its acquisition by Casago, and the deal is expected to close on Wednesday.
“At the Special Meeting, approximately 69% of the Company’s Class A common stock, 96% of the Company’s Class B common stock and 72% of the Company’s Class A common stock and Class B common stock, voting together as a single class, voted in favor of the Merger Agreement Proposal,” Vacasa stated.
At issue were two rival bids: One was from real estate platform Roofstock in alliance with Casago, a smaller property manager, at $5.30 per share.
The other was from hedge fund Davidson Kempner, which had hiked its bid to $5.83 per share.
In mid-March, Vacasa’s board endorsed the lower bid from Casago on the recommendation of a special committee formed to orchestrate a sales process.
In a financial filing accompanying an updated bid, Davidson Kempner alleged that powerful Vacasa shareholders have forced “a “sweetheart deal for themselves” to the detriment of other shareholders.
“Should the special committee continue to disregard its fiduciary responsibilities, we will have no choice but to explore all available options to protect shareholder interests,” Davidson Kempner stated.
A Vacasa spokesperson dismissed Davidson Kempner’s allegations.
“Vacasa strongly disagrees with the assertions made by Davidson Kempner in its recent proposal letters,” the Vacasa spokesperson told Skift Monday. “The Special Committee takes its fiduciary duties to act in the best interests of public stockholders extremely seriously, and is carefully evaluating Davidson Kempner’s most recent proposal.”
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