Soho House Rejects Buyout Offer, Ends Strategic Transaction Review

Dow Jones05-31

By Dean Seal

Soho House has turned down a buyout offer and stopped looking into potential strategic transactions.

The New York-based operator of Soho House-branded clubs and others said Friday that the special committee it formed last fall to evaluate certain transactions, including potentially going private, was instigated by a takeover offer that would require certain shareholders to roll over their equity interests.

The proposal valued Soho House well above its current trading price, the company said. But after a more thorough review, the board's special committee concluded that the offer didn't adequately reflect Soho House's value and wasn't in the best interest of public shareholders.

The special committee was then dissolved by the board, which has the ability to reform a new committee at any time in the future, Soho House said.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

May 31, 2024 07:58 ET (11:58 GMT)

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