Big Law
Casper Sleep Will Be Taken Private by Durational Capital Management
Casper Sleep announced Monday that it will be taken private by private equity firm Durational Capital Management in a deal that values the mattress maker at a roughly 94% premium to Friday’s closing price.
Casper’s stock finished Friday at $3.55 per share. Durational Capital has agreed to pay $6.90 for each Casper share outstanding, the company said in a press release. Casper shares shot up more than 85% in afternoon trading Monday following the news.
“This agreement offers a promising opportunity to realize the highest value for our stockholders while providing Casper with much needed capital to execute on future initiatives to sustain and grow its business,” said Casper co-founder and CEO Philip Krim.
