Target Hospitality provides update on TDR Capital acquisition proposal

On March 25, Target announced that the board of directors of Target Hospitality received an unsolicited non-binding proposal from Arrow Holdings, an affiliate of TDR Capital, to acquire all of the outstanding shares of common stock of Target Hospitality that are not owned by any of Arrow, any investment fund managed by TDR or any of their respective affiliates, for cash consideration of $10.80 per share. The board has established a special committee of independent directors, and the special committee has retained Centerview Partners and Ardea Partners as its financial advisors and Cravath, Swaine & Moore LLP as its legal advisor. The special committee is in the process of reviewing and evaluating the proposal. The special committee has made no decision at this time with respect to the proposal, and the company does not undertake any obligation to provide any updates with respect to the proposal or any other transaction, except as required by applicable law or other regulatory requirements. There can be no assurance that any transaction will result from the special committee’s evaluation of the proposal, or, if so, the timing, terms and conditions of such transaction.