- Blue Apron shares soared Friday after it agreed to be purchased by Wonder Group for $103 million in cash.
- The $13 per share offer represents a 137% premium to Blue Apron's closing price on Thursday.
- Wonder Group announced plans to continue serving Blue Apron customers under the Blue Apron name.
Stock of Blue Apron Holdings (APRN ) more than doubled in early trading Friday after Wonder Group agreed to buy the meal kit provider for $103 million. .
All-cash deal will enable Wonder Group to pay Blue Apron investors $13 per share, a 137% premium to Blue Apron's closing price on Thursday. Privately owned Wonder offers meals designed by celebrity chefs such as Bobby Flay and Michael Symon for home delivery, as well as on-site takeout and dine-in.
Wonder Group Founder and CEO Marc Lore said the purchase of Blue Apron will accelerate the company's strategic position, create immediate opportunities for synergies and expand how customers can experience Wonder. Lore is an entrepreneur who previously served as CEO of Walmart (WMT) eCommerce U.S. and owner of the Minnesota Timberwolves of the National Basketball Association.
Blue Apron said the combination is “expected to enhance both companies’ ability to offer chef-prepared meals with high-quality ingredients to more customers across the country. » He added that Wonder plans to continue Blue Apron's current operations serving customers under the Blue Apron name.
With a peak of over 133% Friday as of noon ET, Blue Apron shares were in positive territory for the year.
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