Sharecare core business worth ‘far more’ than Claritas proposal, says BTIG

BTIG notes that a 13-D filed this morning highlights that John Chadwick, a member of the board of directors of Sharecare, submitted a preliminary non-binding proposal on behalf of Claritas Capital, which owns about 10% of the common shares outstanding, to acquire all the common shares of Sharecare for $1.35-$1.80 per share in cash. The firm believes that this was an unsolicited offer to buy the business, and that the Sharecare board “will take this proposal seriously and consider all options,” though the firm adds that it believes that the core business is “worth far more than” $1.35-$1.80 per share, especially as EBITDA increases in the second half of 2023. BTIG maintains a Buy rating and $5 price target on Sharecare.