Vacasa Responds to Revised Unsolicited Proposal from Davidson Kempner Capital Management
Vacasa (VCSA) announced that its Special Committee has rejected Davidson Kempner Capital Management's revised unsolicited acquisition proposal of $5.83 per share. The committee determined the proposal does not constitute a Superior Proposal under the existing merger agreement with Casago.
The rejection was based on several factors, including Davidson Kempner's inability to secure required Tax Receivable Agreement amendments, rejection of material requests regarding closing conditions, and concerns about their position as a creditor creating asymmetric downside risk for stockholders.
The Board reaffirms its support for the amended Casago merger agreement at $5.30 per share, which removed purchase price adjustment provisions. Shareholders will vote on the Casago transaction at a Special Meeting scheduled for April 29, 2025.
Vacasa (VCSA) ha annunciato che il suo Comitato Speciale ha respinto la proposta di acquisizione non sollecitata e rivista di Davidson Kempner Capital Management di 5,83 $ per azione. Il comitato ha stabilito che la proposta non costituisce un'Offerta Superiore ai sensi dell'accordo di fusione esistente con Casago.
Il rifiuto si basa su diversi fattori, tra cui l'incapacità di Davidson Kempner di ottenere le modifiche necessarie all'Accordo sui Ricevimenti Fiscali, il rifiuto di richieste rilevanti riguardanti le condizioni di chiusura e le preoccupazioni relative alla loro posizione di creditore, che crea un rischio asimmetrico di perdita per gli azionisti.
Il Consiglio ribadisce il proprio sostegno all'accordo di fusione modificato con Casago a 5,30 $ per azione, che ha eliminato le clausole di aggiustamento del prezzo d'acquisto. Gli azionisti voteranno sulla transazione con Casago durante un'Assemblea Straordinaria prevista per il 29 aprile 2025.
Vacasa (VCSA) anunció que su Comité Especial rechazó la propuesta revisada no solicitada de adquisición de Davidson Kempner Capital Management de 5,83 $ por acción. El comité determinó que la propuesta no constituye una Propuesta Superior según el acuerdo de fusión vigente con Casago.
El rechazo se basó en varios factores, incluyendo la incapacidad de Davidson Kempner para asegurar las enmiendas requeridas al Acuerdo de Recepción de Impuestos, el rechazo de solicitudes materiales sobre las condiciones de cierre y preocupaciones sobre su posición como acreedor que genera un riesgo asimétrico a la baja para los accionistas.
La Junta reafirma su apoyo al acuerdo de fusión enmendado con Casago a 5,30 $ por acción, que eliminó las disposiciones de ajuste del precio de compra. Los accionistas votarán sobre la transacción con Casago en una Reunión Especial programada para el 29 de abril de 2025.
Vacasa (VCSA)는 특별위원회가 Davidson Kempner Capital Management의 수정된 비공개 인수 제안인 주당 5.83달러를 거부했다고 발표했습니다. 위원회는 이 제안이 Casago와의 기존 합병 계약에 따른 우월 제안에 해당하지 않는다고 판단했습니다.
거부 사유는 Davidson Kempner가 필요한 세금 수취 계약 수정안을 확보하지 못한 점, 종료 조건과 관련된 중요한 요청 거부, 채권자로서의 위치가 주주들에게 비대칭적인 하방 위험을 초래한다는 우려 등 여러 요인을 포함합니다.
이사회는 매입 가격 조정 조항을 제거한 수정된 Casago 합병 계약 주당 5.30달러를 지지한다는 입장을 재확인했습니다. 주주들은 2025년 4월 29일로 예정된 특별 회의에서 Casago 거래에 대해 투표할 예정입니다.
Vacasa (VCSA) a annoncé que son Comité Spécial a rejeté la proposition d'acquisition non sollicitée révisée de Davidson Kempner Capital Management à 5,83 $ par action. Le comité a déterminé que cette proposition ne constitue pas une Offre Supérieure selon l'accord de fusion existant avec Casago.
Le rejet repose sur plusieurs facteurs, notamment l'incapacité de Davidson Kempner à obtenir les modifications nécessaires à l'Accord de Recevabilité Fiscale, le refus de demandes importantes concernant les conditions de clôture, et des inquiétudes quant à leur position de créancier créant un risque asymétrique à la baisse pour les actionnaires.
Le Conseil réaffirme son soutien à l'accord de fusion modifié avec Casago à 5,30 $ par action, qui a supprimé les clauses d'ajustement du prix d'achat. Les actionnaires voteront sur la transaction Casago lors d'une Assemblée Spéciale prévue le 29 avril 2025.
Vacasa (VCSA) gab bekannt, dass sein Sonderausschuss den überarbeiteten, unverlangten Übernahmevorschlag von Davidson Kempner Capital Management in Höhe von 5,83 $ pro Aktie abgelehnt hat. Der Ausschuss stellte fest, dass der Vorschlag gemäß der bestehenden Fusionsvereinbarung mit Casago kein überlegener Vorschlag ist.
Die Ablehnung basierte auf mehreren Faktoren, darunter die Unfähigkeit von Davidson Kempner, die erforderlichen Änderungen der Steuerempfangsvereinbarung zu sichern, die Ablehnung wesentlicher Anfragen zu Abschlussbedingungen und Bedenken hinsichtlich ihrer Gläubigerposition, die ein asymmetrisches Abwärtsrisiko für die Aktionäre darstellt.
Der Vorstand bekräftigt seine Unterstützung für die geänderte Casago-Fusionsvereinbarung zu 5,30 $ pro Aktie, die Regelungen zur Kaufpreisanpassung entfernt hat. Die Aktionäre werden bei einer außerordentlichen Hauptversammlung am 29. April 2025 über die Casago-Transaktion abstimmen.
- Casago merger agreement removes purchase price adjustment provisions that could have reduced merger consideration
- Clear path to completion with Casago merger, offering greater closing certainty
- Rejected higher offer of $5.83 per share from Davidson Kempner versus $5.30 from Casago
- Company's position as debtor to Davidson Kempner creates potential risks
Insights
VCSA rejects Davidson Kempner's higher $5.83/share offer due to closing uncertainties, recommends Casago's more certain $5.30/share offer instead.
Vacasa's Special Committee has made a strategic choice to prioritize transaction certainty over a higher acquisition price. Davidson Kempner's revised proposal of
Three critical obstacles stand in the way of the Davidson Kempner proposal: First, the requirement for a Tax Receivable Agreement amendment lacks necessary approvals from TRA beneficiaries. Second, Davidson Kempner rejected multiple requests to improve closing certainty. Third, Davidson Kempner's dual position as both bidder and creditor creates an asymmetric risk profile that disadvantages public shareholders.
The recently amended Casago agreement contains an important improvement - the removal of purchase price adjustment provisions that could have potentially reduced the
With the shareholder vote scheduled for April 29, the board is sending a clear message that a certain
Vacasa Special Committee Determines Latest Proposal Does Not Constitute a Superior Proposal
Board Reaffirms Recommendation with Respect to Proposed Transaction with Casago
In making its determination, the Special Committee considered a number of factors, including:
- that the Proposal remains conditioned upon requiring an amendment to the Company’s Tax Receivable Agreement (“TRA”), for which Davidson Kempner has been unable to obtain the requisite approvals from TRA beneficiaries, or to provide any clear path towards obtaining such approvals;
- Davidson Kempner’s continued rejection of many of the Company’s material requests regarding closing conditions and terms to improve transaction certainty (including detailed written feedback and reiterations of the Special Committee’s requests provided as recently as April 12, 2025); and
- concerns regarding Davidson Kempner’s position as a creditor of the Company, providing asymmetric downside risk to public stockholders in the event a transaction with Davidson Kempner failed to close.
Ultimately, in light of the above, the Special Committee determined that the Proposal was not reasonably likely to be consummated in accordance with its terms, so long as the Proposal remained conditioned upon receipt of an amendment to the TRA and subject to materially greater risks regarding closing certainty than the Casago transaction. The Special Committee takes its fiduciary duties to act in the best interests of public stockholders extremely seriously and strongly disagrees with the various assertions made by Davidson Kempner in its most recent proposal letters. Notwithstanding Davidson Kempner’s proposed purchase price of
On March 17, 2025, Vacasa entered into an amendment to the Merger Agreement pursuant to which Casago will acquire all outstanding shares of the Company held by public shareholders at a price of
On March 28, 2025, the Company filed a definitive proxy statement for the Special Meeting of Vacasa’s shareholders (the “Special Meeting”) with the United States Securities and Exchange Commission (“SEC”) to obtain shareholder approval of the Casago transaction. Vacasa recommends its shareholders vote “FOR” the merger proposal with Casago at the Special Meeting scheduled for April 29, 2025.
PJT Partners LP 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
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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.
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 definitive proxy statement on Schedule 14A with the SEC on March 28, 2025 (the “Proxy Statement”). Following the filing of the Proxy Statement, the Company mailed the Proxy Statement to the stockholders of the Company.
INVESTORS AND STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT AND OTHER DOCUMENTS THAT HAVE BEEN FILED OR 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 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 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 Proxy Statement, commencing on page 141. The 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 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 Proxy Statement and other relevant materials filed with the SEC.
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Vacasa Contacts
Investor Relations Contact
ir@vacasa.com
Press Contact
pr@vacasa.com
OR
Longacre Square Contact
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Source: Vacasa, Inc.
FAQ
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