Rover Group (ROVR) has released an update.
Rover Group, Inc. is set to merge with Biscuit Merger Sub, LLC, becoming a wholly-owned subsidiary of Biscuit Parent, LLC, with Rover stockholders receiving $11.00 per share in cash. This will result in Rover’s Class A common stock being delisted from Nasdaq. Amidst this process, Rover faces legal challenges, including a lawsuit alleging deficiencies in their proxy statement’s disclosures. Despite these claims, which Rover deems meritless, they have provided supplemental disclosures to address the alleged omissions, without conceding that additional disclosure was necessary or material. The merger’s completion remains unaffected by these supplemental disclosures.
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