GNK floats $11-a-share cash tender offer for BARK
GNK Holdings, an existing BARK shareholder, said it is evaluating a cash tender offer for shares of the pet products company at $11.00 apiece, and is asking fellow holders to submit non-binding indications of interest by October 9. GNK, which previously proposed acquiring BARK outright, cited frustration with the pace of shareholder value creation and wants a larger stake to influence strategy.
Why it matters: It is an unusual pre-tender poll that tests investor appetite before committing capital, and keeps pressure on BARK's board after an earlier rebuffed approach.
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