Harte Hanks To Be Acquired By Star Equity For $38.4 Mln

(RTTNews) - Harte Hanks, Inc. (HHS), a marketing services company, and Star Equity Holdings, Inc. (STRR, STRRP) have announced that they have inked a merger deal under which Star Equity will acquire Harte Hanks for $5 per share, or $38.4 million. The transaction represents around 100% premium to Harte Hanks' unaffected share price.

David Fisher, President of Harte Hanks, said: "This transaction delivers a compelling premium and directly addresses the structural challenges Harte Hanks faces as a small standalone public company. It provides shareholders with immediate liquidity and continued economic participation."

The merger deal includes a 30-day go-shop period during which Harte Hanks may evaluate and negotiate alternative acquisition proposals. The go-shop period will expire on September 13.

The transaction is expected to be closed within around 60 to 90 days.

HHS was up by 3.91% at $2.920 in the pre-market trade on the Nasdaq.