Resideo Technologies Inc (REZI) has issued an update.
Resideo Technologies, Inc. has announced a definitive merger agreement with Snap One Holdings Corp., where Snap One will become a wholly owned subsidiary of Resideo following the merger. Stockholders of Snap One will receive $10.75 per share in cash, and certain equity awards will be converted or canceled in accordance with the terms of the agreement. The merger is not contingent on financing and is subject to customary closing conditions, including antitrust approvals and Snap One stockholders’ consent, which has been secured via written consent from the majority shareholders. Additionally, Resideo has signed an investment agreement with CD&R Channel Holdings, L.P. to purchase shares of Preferred Stock to partially finance the merger. The deal involves several stipulations, including dividend rights, conversion options, and voting rights, highlighting the strategic financial planning behind the merger.
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