- Activist investor Trillium Capital LLC has issued a bid to buy photo provider Getty Images (GETY) for approximately $4 billion.
- The deal would see Trillium paying about $10 a share for Getty, or nearly double the share" closing price on the trading day preceding the announcement.
- Shares of Getty Images jumped 31% on April 24, 2023, in response to the news.
Getty Images (GETY) shares soared after Activist investor Trillium Capital LLC has offered to buy the stock photo provider for around $4 billion.
The deal would see Trillium pay Getty $10 per share, nearly double its closing price of $5.06 on Friday, April 21. Trillium already owns half a million shares of the company.
Trillium said the non-binding proposal is conditional on several factors, including that Getty's board of directors immediately begin engaging in the offer. Additionally, Trillium said that if the deal goes ahead, it expects its managing partner Scott Murray to join the board and become its chairman.
The company said it may consider those who own more than 80% of Getty stock, the Getty family, Koch Industries and Neuberger Berman, to incorporate some or all of their stock into the deal.
Ways to increase revenue
Separately, Trillium has also spelled; what he called a “revenue growth path” for Getty. Suggestions included building relationships with tech companies, newspapers and magazines, and using artificial intelligence (AI).
Getty Images shares have climbed 31% on April 24. They are up over 6% so far this year.