CBIZ Agrees to $5 Billion Grant Thornton Takeover
Shareholders will receive $55.00 a share, a roughly 54% premium.
Professional-services company CBIZ (CBZ) agreed to be acquired by Grant Thornton Advisors in an all-cash transaction valued at $5 billion in enterprise value.
The agreement shifted attention from CBIZ’s second-quarter performance to the company’s planned change in ownership. The offer represented a roughly 54% premium to CBIZ’s 30-day volume-weighted average share price.
CBIZ issued its second-quarter results by press release only, departing from its usual live quarterly presentation.
The company canceled its scheduled conference call and webcast because of the acquisition announcement, leaving the transaction as the central development accompanying the quarterly release.
Under the agreement, CBIZ shareholders will receive $55.00 a share in cash.
After the acquisition closes, Grant Thornton plans to separate CBIZ’s Benefits and Insurance Services segment into a stand-alone company backed by New Mountain Capital.