Target Hospitality Corp., a leading provider of modular accommodations and hospitality services in North America, has announced the establishment of a Special Committee consisting of independent directors from its Board.
The Special Committee was formed in response to an unsolicited non-binding proposal received by Target Hospitality on March 25, 2024, from Arrow Holdings S.à r.l. (“Arrow”), an affiliate of TDR Capital LLP (“TDR”). The proposal expresses interest in acquiring all outstanding shares of Target Hospitality not owned by Arrow, any TDR-managed investment fund, or their affiliates (collectively known as the “Arrow Group”).
The proposed offer stands at $10.80 per share in cash. The Special Committee’s primary responsibility is to assess the Proposal along with any alternative offers or strategic options available to the company.
Centerview Partners LLC and Ardea Partners LP have been engaged as financial advisors to the Special Committee, with legal counsel provided by Cravath, Swaine & Moore LLP.
It’s important to note that the Special Committee’s evaluation may or may not lead to a transaction, and if it does, the terms and timeline remain uncertain. Target Hospitality intends to maintain confidentiality regarding developments unless mandated by law or deemed necessary by the Special Committee or the Board.
