Vacasa Confirms Receipt of Unsolicited Non-Binding Acquisition Proposal from Davidson Kempner Capital Management
Vacasa (VCSA) has received an unsolicited, non-binding proposal from Davidson Kempner Capital Management LP to acquire all outstanding shares at $5.25 per share. This follows Vacasa's existing definitive agreement from December 30, 2024, with Casago to acquire all outstanding public shares at $5.02 per share.
The Board of Directors has not modified its recommendation for shareholders to vote in favor of the Casago merger agreement. The Special Committee will review the new proposal to determine if it constitutes a 'Superior Proposal' as defined in the merger agreement, considering factors such as contingencies, due diligence requirements, and transaction timing implications.
PJT Partners and Vinson & Elkins LLP are serving as financial and legal advisors to the Special Committee, respectively, while Latham & Watkins LLP acts as legal advisor to Vacasa.
Vacasa (VCSA) ha ricevuto una proposta non vincolante e non sollecitata da Davidson Kempner Capital Management LP per acquisire tutte le azioni in circolazione a $5,25 per azione. Questo segue l'accordo definitivo esistente di Vacasa del 30 dicembre 2024, con Casago per acquisire tutte le azioni pubbliche in circolazione a $5,02 per azione.
Il Consiglio di Amministrazione non ha modificato la sua raccomandazione per gli azionisti di votare a favore dell'accordo di fusione con Casago. Il Comitato Speciale esaminerà la nuova proposta per determinare se costituisce una 'Proposta Superiore' come definita nell'accordo di fusione, considerando fattori come condizioni, requisiti di due diligence e implicazioni temporali della transazione.
PJT Partners e Vinson & Elkins LLP stanno fungendo da consulenti finanziari e legali per il Comitato Speciale, rispettivamente, mentre Latham & Watkins LLP funge da consulente legale per Vacasa.
Vacasa (VCSA) ha recibido una propuesta no solicitada y no vinculante de Davidson Kempner Capital Management LP para adquirir todas las acciones en circulación a $5.25 por acción. Esto sigue al acuerdo definitivo existente de Vacasa del 30 de diciembre de 2024, con Casago para adquirir todas las acciones públicas en circulación a $5.02 por acción.
La Junta Directiva no ha modificado su recomendación para que los accionistas voten a favor del acuerdo de fusión con Casago. El Comité Especial revisará la nueva propuesta para determinar si constituye una 'Propuesta Superior' según se define en el acuerdo de fusión, considerando factores como contingencias, requisitos de debida diligencia e implicaciones en el tiempo de la transacción.
PJT Partners y Vinson & Elkins LLP están actuando como asesores financieros y legales del Comité Especial, respectivamente, mientras que Latham & Watkins LLP actúa como asesor legal de Vacasa.
Vacasa (VCSA)는 Davidson Kempner Capital Management LP로부터 모든 유통 주식을 주당 $5.25에 인수하겠다는 비위반적, 비구속 제안을 받았습니다. 이는 Vacasa가 Casago와 2024년 12월 30일에 체결한 기존의 최종 합의에 따라 모든 유통 공개 주식을 주당 $5.02에 인수하기로 한 것입니다.
이사회는 주주에게 Casago 인수 합의안에 찬성하여 투표할 것을 권장하는 결정을 변경하지 않았습니다. 특별위원회는 새로운 제안이 합병 계약에서 정의된 '우선 제안'에 해당하는지 여부를 결정하기 위해 이 제안을 검토할 것입니다. 이를 위해 우선 조건, 실사 요구사항, 거래 타이밍의 영향을 고려합니다.
PJT 파트너스와 Vinson & Elkins LLP는 각각 특별위원회에 대한 재정 및 법률 자문 역할을 하며, Latham & Watkins LLP는 Vacasa의 법률 자문 역할을 합니다.
Vacasa (VCSA) a reçu une proposition non sollicitée et non contraignante de Davidson Kempner Capital Management LP pour acquérir toutes les actions en circulation à 5,25 $ par action. Cela fait suite à l'accord définitif existant de Vacasa du 30 décembre 2024 avec Casago pour acquérir toutes les actions publiques en circulation à 5,02 $ par action.
Le conseil d'administration n'a pas modifié sa recommandation pour que les actionnaires votent en faveur de l'accord de fusion avec Casago. Le Comité spécial examinera la nouvelle proposition pour déterminer si elle constitue une 'Proposition Supérieure' telle que définie dans l'accord de fusion, en tenant compte de facteurs tels que les conditions, les exigences de diligence raisonnable et les implications en matière de timing de la transaction.
PJT Partners et Vinson & Elkins LLP agissent respectivement en tant que conseillers financiers et juridiques du Comité spécial, tandis que Latham & Watkins LLP agit comme conseiller juridique de Vacasa.
Vacasa (VCSA) hat ein unaufgefordertes, nicht bindendes Angebot von Davidson Kempner Capital Management LP erhalten, um alle ausstehenden Aktien zu einem Preis von 5,25 $ pro Aktie zu erwerben. Dies folgt auf die bestehende endgültige Vereinbarung von Vacasa vom 30. Dezember 2024 mit Casago, um alle ausstehenden Publikumsaktien zu einem Preis von 5,02 $ pro Aktie zu erwerben.
Der Vorstand hat seine Empfehlung für die Aktionäre, für den Fusionsvertrag mit Casago zu stimmen, nicht geändert. Der Sonderausschuss wird den neuen Vorschlag überprüfen, um festzustellen, ob er einen 'Überlegenen Vorschlag' darstellt, wie er im Fusionsvertrag definiert ist, wobei Faktoren wie Bedingungen, Anforderungen an die Due Diligence und zeitliche Auswirkungen der Transaktion berücksichtigt werden.
PJT Partners und Vinson & Elkins LLP fungieren jeweils als finanzielle bzw. rechtliche Berater des Sonderausschusses, während Latham & Watkins LLP als rechtlicher Berater von Vacasa tätig ist.
- New acquisition offer at $5.25 per share represents a $0.23 premium over existing Casago deal
- Multiple acquisition interests indicate company's market value
- Uncertainty around completion of either deal due to contingencies and due diligence requirements
- Potential delays in transaction timing with new proposal review
Insights
A fascinating M&A scenario is unfolding at Vacasa, with Davidson Kempner Capital Management's unsolicited non-binding proposal introducing competitive tension to the existing Casago merger agreement. The
Several critical factors warrant attention: First, the non-binding nature of Davidson Kempner's proposal introduces significant execution risk. The Special Committee must evaluate not just the price differential but also contingencies, due diligence requirements and potential timing implications that could affect deal certainty. The existing Casago agreement provides a firm foundation with defined terms and conditions.
The competitive dynamic could evolve in multiple directions:
- Casago might exercise its right to match or exceed the competing offer
- Davidson Kempner could revise its proposal after due diligence
- The Special Committee might determine that the execution risks and timing uncertainties of the new proposal outweigh its modest premium
Notably, the Board maintains its recommendation for the Casago merger, suggesting a careful approach to evaluating the new proposal. The involvement of PJT Partners and top-tier legal advisors indicates the complexity of the situation and the need for thorough evaluation under the Superior Proposal provisions of the existing merger agreement.
For shareholders, this development potentially creates additional value through competitive tension, though they should note that no action is required at this stage. The Special Committee's evaluation will focus on both quantitative factors (price) and qualitative elements (certainty of closing, timing and conditions) to determine the best path forward.
On December 30, 2024, Vacasa entered into a definitive agreement (the “Merger Agreement”) pursuant to which Casago, a premier vacation rental property management company, will acquire all outstanding shares of the Company held by public stockholders at a price of
Vacasa’s Special Committee of the Board (the “Special Committee”), consistent with its fiduciary duties and the terms of the Merger Agreement, will carefully review the Proposal in consultation with its outside legal counsel and financial advisor, including evaluating the contingencies, due diligence and documentation requirements and implications for transaction timing, to determine whether it is or would reasonably be expected to result in a “Superior Proposal” as defined in the Merger Agreement. Vacasa shareholders do not need to take any action at this time.
PJT Partners is serving as financial advisor and Vinson & Elkins LLP is acting as legal advisor to the Special Committee. Latham & Watkins LLP is acting as legal advisor to Vacasa.
About Vacasa
Vacasa is a leading vacation rental management platform in
Additional Information and Where to Find It
The proposed transaction between the Company and Vacasa Holdings LLC and Casago Holdings, LLC (the “proposed transaction”) is expected to be submitted to the stockholders of the Company for their consideration. In connection with the proposed transaction, the Company filed a preliminary proxy statement on Schedule 14A with the Securities and Exchange Commission (the “SEC”) on January 31, 2025 (the “Preliminary Proxy Statement”), and plans to file a definitive proxy statement on Schedule 14A and other relevant materials with the SEC. Promptly after filing its definitive proxy statement with the SEC, the Company will mail the definitive proxy statement to the stockholders of the Company.
INVESTORS AND STOCKHOLDERS ARE URGED TO READ THE PRELIMINARY PROXY STATEMENT AND OTHER DOCUMENTS THAT MAY BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.
Investors and stockholders may obtain a free copy of the Preliminary Proxy Statement and other documents filed with the SEC by the Company, at the Company’s website, investors.vacasa.com, or at the SEC’s website, www.sec.gov. The Preliminary Proxy Statement and other relevant documents may also be obtained for free from the Company by writing to Vacasa, Inc., 850 NW 13th Avenue,
Participants in the Solicitation
The Company and its directors and executive officers may be deemed, under SEC rules, to be participants in the solicitation of proxies from the stockholders of the Company in connection with the proposed transaction. Information about the compensation of the directors and named executive officers of the Company is set forth in the “Director Compensation” and “Executive Compensation Matters” sections of the definitive proxy statement for the 2024 annual meeting of stockholders of the Company, which was filed with the SEC on April 8, 2024, commencing on pages 16 and 30, respectively, and information regarding the participants’ holdings of the Company’s securities is set forth in the “Security Ownership of Certain Beneficial Owners and Management” section of the Preliminary Proxy Statement, commencing on page 124. The Preliminary Proxy Statement can be obtained free of charge from the sources indicated above. To the extent holdings of the Company’s securities by its directors or executive officers have changed since the amounts set forth in the Preliminary Proxy Statement, such changes will be reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is contained in the Preliminary Proxy Statement and other relevant materials filed with the SEC.
Cautionary Note Regarding Forward-Looking Statements
The information included herein and in any oral statements made in connection herewith contains forward-looking statements. All statements other than statements of historical facts are forward-looking statements. These statements involve known and unknown risks, uncertainties, and other important factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements and speak only as of the date they are made. Words such as “aim,” “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” “would,” “target, ” “forecast,” “outlook,” or the negative of these terms or other similar expressions are intended to identify such forward-looking statements. Specific forward-looking statements include, among others, statements regarding the special committee’s review of the Proposal; forecasts and projections; estimated costs, expenditures, cash flows, growth rates and financial results; plans and objectives for future operations, growth or initiatives; strategies or the expected outcome or impact of pending or threatened litigation; and expected timetable for completing the proposed transaction. Forward-looking statements are based on our management’s beliefs and assumptions and on information currently available to the Company. Such beliefs and assumptions may or may not prove to be correct. Additionally, such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict and many of which are beyond the Company’s control, which could cause actual results to differ materially from the results expressed or implied by the statements. These risks and uncertainties include, but are not limited to: (i) the failure to obtain the required votes of the Company’s stockholders; (ii) the timing to consummate the proposed transaction; (iii) the satisfaction of the conditions to closing of the proposed transaction may not be satisfied or that the closing of the proposed transaction otherwise does not occur; (iv) risks related to the ability of the Company to realize the anticipated benefits of the proposed transaction, including the possibility that the expected benefits from the proposed transaction will not be realized or will not be realized within the expected time period; (v) the diversion of management time on transaction-related issues; (vi) results of litigation, settlements and investigations in connection with the proposed transaction; (vii) actions by third parties, including governmental agencies; (viii) global economic conditions; (ix) potential business uncertainty, including changes to existing business and customer relationships during the pendency of the proposed transaction that could affect financial performance; (x) adverse industry conditions; (xi) adverse credit and equity market conditions; (xii) the loss of, or reduction in business with, key customers; legal proceedings; (xiii) the ability to effectively identify and enter new markets; (xiv) governmental regulation; (xv) the ability to retain management and other personnel; and (xvi) other economic, business, or competitive factors.
Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the Company’s filings with the SEC. The Company’s SEC filings may be obtained by contacting the Company, through the Company’s website at investors.vacasa.com or through the SEC’s Electronic Data Gathering and Analysis Retrieval System at www.sec.gov. The Company undertakes no obligation to publicly update or revise any forward-looking statement.
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Vacasa Contacts
Investor Relations Contact
ir@vacasa.com
Press Contact
pr@vacasa.com
OR
Longacre Square Contact
vacasa@longacresquare.com
Source: Vacasa, Inc.
FAQ
What is the price difference between Davidson Kempner's and Casago's offers for VCSA shares?
When was the original Casago merger agreement with VCSA announced?
What happens to the existing Casago merger agreement for VCSA following Davidson Kempner's proposal?
What steps will VCSA's Special Committee take regarding Davidson Kempner's proposal?
Do VCSA shareholders need to take any action regarding the new acquisition proposal?
