Getty Images stock drops 5% after company rejects Trillium Capital takeover
Shares of Getty Images Holdings Inc. (GETY) fell 5% in the extended session Tuesday after the media company said its board has rejected the "unsolicited" and "highly conditioned" proposal from activist investor Trillium Capital LLC to buy the company. Trillium has offered to buy Getty Images for $10 a share. Trillium Capital, which earlier this month urged Getty to find a buyer, did not provide evidence to the board that its proposal is "sufficiently credible to warrant engagement," and absent "further details and the demonstration of credibility by Trillium Capital LLC, the board of Getty Images believes the current management team and company strategy represent the best path forward to maximize the long-term shareholder value," it said. Getty shares ended the regular trading day down 4.7%.
-Claudia Assis
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04-25-23 1715ET
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