- Boingo Wireless (NASDAQ:WIFI) is trading above its $14/share takeout price from Digital Colony partly on some speculation of a higher bid during the go-shop period.
- The company has been up for sale since 2019 and it began a full auction last year, according to a CTFN report. Source told CTFN that chance of competing bid during the go-shop process was low.
- At least two shareholders, a larger one and a more minor investor, plan to vote against the deal, according to a Dealreporter item. One of the investors believes the the company is worth more than $20/share.
- The sale process saw a limited buyer set for the whole business give its disparate asset base and Digital Colony appeared to be the primary bidder recently as other interest waned, according to both reports.
- Recall Oct. 27, Boingo Wireless +6.4% as Oppenheimer expects deal, upgrades to Outperform.
- Recall July 24, Boingo +4% as Legion Partners urges company sale.