Update 7:25am: Adds Purple comment, updates shares.
- Mattress maker Purple Innovation Inc. (NASDAQ:PRPL) jumped 28% after the company's largest investor offered to buy the company.
- Coliseum Capital Management LLC submitted a non-binding offer to acquire all of the common stock it doesn't already own for $4.35/share on Saturday, according to a 13D/A filing. The offer represents a 56% premium to Purple's (PRPL) closing price on Friday. Coliseum owns 40.8m shares, or a 45% stake in PRPL.
- Coliseum noted that the offer is conditioned upon the approval of a special committee of independent and disinterested members of the board and subject to a approval of the major of common shares not owned by Coliseum or other interested parties.
- Purple (PRPL) confirmed in a statement that it received the Coliseum offer and said its board will carefully review the proposal to determine the course of action that it believes is in the best interest of Purple and its shareholders.
- Recall Purple (PRPL) rallied in late December after Coliseum Capital increased it stake to over 23% at the time.