THE
WOODLANDS, Texas, March 25,
2024 /PRNewswire/ -- Target Hospitality Corp.
("Target Hospitality", "Target" or the "Company") (NASDAQ: TH), one
of North America's largest
providers of vertically integrated modular accommodations and
value-added hospitality services, today announced that the Board of
Directors of Target Hospitality ("the Board") has received an
unsolicited non-binding proposal from Arrow Holdings S.à r.l.
("Arrow"), an affiliate of TDR Capital LLP ("TDR"), to acquire all
of the outstanding shares of common stock of Target Hospitality
that are not owned by any of Arrow, any investment fund managed by
TDR or their respective affiliates, for cash consideration of
$10.80 per share (the
"Proposal").
The Board intends to establish a special committee of
independent directors with its own independent advisors to review
the Proposal (the "Special Committee").
The Board has just received the Proposal and neither the Board
nor the Special Committee has had an opportunity to carefully
review and evaluate the Proposal or make any decision with respect
to the Company's response to the Proposal. There can be no
assurance that any agreement with respect to the proposed
transaction will be executed or that this or any other transaction
will be approved or consummated. The Company does not undertake any
obligation to provide any updates with respect to this or any other
transaction, except as required under applicable law.
About Target Hospitality
Target Hospitality is one of North
America's largest providers of vertically integrated modular
accommodations and value-added hospitality services in the United States. Target builds, owns and
operates a customized and growing network of communities for a
range of end users through a full suite of value-added solutions
including premium food service management, concierge, laundry,
logistics, security and recreational facilities services.
Forward-Looking Statements
This press release includes "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995, Section 27A of the Securities Act and Section 21E of the
Securities Exchange Act of 1934, as amended. We have used the words
"could," "expect," "intend," "may," "strive," "will," "would," and
similar terms and phrases to identify forward-looking statements in
this press release. Although we believe the assumptions upon which
these forward-looking statements are based are reasonable, any of
these assumptions could prove to be inaccurate and the
forward-looking statements based on these assumptions could be
incorrect. Many of the factors that will determine these results
are beyond our ability to control or predict. These factors include
the negotiation and execution of definitive agreements relating to
the proposed transaction, the ability of the parties to consummate
any transaction, the failure to achieve approval of the
unitholders, the timing of any transaction, and the costs
associated with consideration and execution of any proposed
transaction, as well as the risk factors described in Part I, Item
1A. in our Annual Report on Form 10-K for the year ended
December 31, 2023, filed with the SEC
on March 13, 2024, and our other
filings with the SEC. All future written and oral forward-looking
statements attributable to us or persons acting on our behalf are
expressly qualified in their entirety by the previous statements.
The forward-looking statements herein speak as of the date of this
press release. We undertake no obligation to update such statements
for any reason, except as required by law.
Investor Contact
Mark
Schuck
(832) 702 –
8009
ir@targethospitality.com
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SOURCE Target Hospitality