BARK (NYSE: BARK) stock soars after receiving acquisition proposal from CEO-led group

BARK, Inc. (NYSE: BARK) stock surged 34.2% in after-hours trading on Friday after the dog-focused company received a preliminary acquisition offer from a group of its current stockholders.

The proposal came from Great Dane Ventures, LLC, a group that includes BARK’s Chief Executive Officer and Executive Chairman Matt Meeker, along with RRE Ventures, Resolute Ventures, Founders Circle Capital, and Ironbound Partners Fund. The stockholder group offered to acquire all outstanding shares not already owned by them for $0.90 per share in an all-cash transaction.

In response to the proposal, BARK’s Board of Directors has formed a special committee consisting of independent and disinterested directors to evaluate the offer. The committee will retain independent financial and legal advisors to assist with the review process.

The company cautioned that the board has just received the proposal and the special committee has not yet had an opportunity to carefully review or evaluate it. BARK emphasized that there is no guarantee that any definitive offer will be made, any agreement will be executed, or that this or any other transaction will be approved or consummated.