Spok Holdings (SPOK) Confirms Receipt of Letter from Acacia Research (ACTG)

  • August 31, 2021

POTENTIAL DEAL DETAILS

StockSpok Holdings, Inc.SymbolSPOK
Date Announced08/30/2021Source Press Release
TypeUnsolicited BidAcquiring Company/Person Acacia Research Corporation

Spok Holdings, Inc. (SPOK), a global leader in healthcare communications, announced that it has received a letter, and is aware of a public announcement, from Acacia Research Corporation (ACTG) regarding a proposal to acquire all of the outstanding shares of common stock of Spok for $10.75 per share in cash.

B. Riley Financial (RILY) previously approached Spok Holdings (SPOK) on March 17, 2020. It was unsuccessful since B. Riley Financial, Inc. (RILYwithdrew its offer to acquire the Company.

Update(s):

September 03, 2021: Spok Holdings, Inc. (SPOK), a global leader in healthcare communications, announced its Board of Directors, with the assistance of financial and legal advisors, recently initiated a review of the Company’s strategic alternatives to evaluate potential transactions, including a sale of the Company, and other actions that would maximize value for shareholders.

September 14, 2021: Spok Holdings, Inc. (SPOK), announced that its Investor Day Program, previously scheduled for October 11, 2021, has been postponed until further notice due to the Company’s ongoing strategic alternatives review process as announced on September 3, 2021.

February 17, 2022: Spok’s (SPOK) previously announced review of strategic alternatives remains ongoing. The Board and its advisors continue to engage with potential acquirers regarding a sale of the Company, including Acacia Research Corporation regarding its offer to acquire the Company.

March 21, 2022: Spok Holdings, Inc. (SPOK) announced that it has reduced the size of its Board of Directors to six members to better align the Board’s size and composition with the Company’s recently announced business strategy.

April 28, 2022: Spok has concluded the strategic alternatives review process it publicly commenced on September 3, 2021. At this time, Spok has no actionable options for a sale of the Company and the Board has determined it is in the best interests of all shareholders for Spok to focus on executing its strategic plan as a standalone company.

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