WageWorks board rejects unsolicited letter of interest from Mansa, urges shareholders to vote for HealthEquity bid [MarketWatch]
WAGEWORKS (WAGE)
Last wageworks earnings: 11/8 04:19 pm
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Source: MarketWatch
WageWorks board rejects unsolicited letter of interest from Mansa, urges shareholders to vote for HealthEquity bid WageWorks Inc. WAGE, +0.02% said Tuesday it has received an unsolicited letter of interest from Mansa Parent Corp. that values the company at $58.58 a share. The company said its board has reviewed the letter and unanimously concluded that it "contains significant contingencies and is not reasonably expected to result in a superior proposal under the terms of WageWorks' previously announced merger with HealthEquity Inc. HQY, +0.15% . " The board further concluded that the offer "does not constitute a true and serious proposal." The share price on offer is based on potential synergies of at least $110 million that would be generated from an acquisition by Mansa. The HealthEquity all-cash bid made in June values WageWorks at $51.35 per share, or a total enterprise value of about $2 billion. The all-cash offer represents a 28% premium to the volume weighted average clo
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