- The activist investor Trillium Capital LLC issued a proposal to buy stock photo provider Getty Images (GETY) for around $4 billion.
- The deal would see Trillium pay around $10 per share for Getty, nearly double the stock's closing price on the trading day prior to the announcement.
- Shares of Getty Images jumped 31% on April 24, 2023, in response to the news.
Shares of Getty Images (GETY) skyrocketed after activist investor Trillium Capital LLC offered to buy the provider of stock photos for about $4 billion.
The deal would have Trillium pay $10 per share for Getty, almost double its closing price of $5.06 on Friday, April 21. Trillium already owns half a million shares of the company.
Trillium indicated that the non-binding proposal is contingent on several factors, including that Getty's board immediately begin engaging on the offer. In addition, Trillium said that, if the deal goes through, it expects its managing partner Scott Murray to join the board and become the chair.
The company said that it may consider those holding more than 80% of Getty shares, the Getty Family, Koch Industries, and Neuberger Berman, to roll some or all of their shares into the transaction.
Ways to Grow Revenue
Separately, Trillium also spelled out what it called a "path for revenue growth" for Getty. Among the suggestions were boosting relationships with tech firms, newspapers, and magazines, and the use of artificial intelligence (AI).
Getty Images shares soared 31% on April 24. They're up more than 6% so far this year.