CBIZ Inc. shares jumped 17.56 percent on Wednesday to close at $54.90 after the company announced a definitive agreement to be acquired by Grant Thornton Advisors in an all-cash deal valued at $5 billion. Grant Thornton will pay $55 per share, a 17 percent premium over CBIZ's latest closing price, and the transaction is expected to close in the fourth quarter of the year, after which CBIZ will become a wholly-owned subsidiary and delist from the New York Stock Exchange. The agreement includes a go-shop period ending August 27, 2026, during which CBIZ may solicit and negotiate alternative proposals, and its board can terminate the deal for a superior offer subject to a termination fee. In the first quarter, hedge fund count in CBIZ rose to 34 from 27, but the combined value of their holdings fell 43 percent to $201.8 million from $355.76 million.
CBIZ IncCBIZ is being acquired by Grant Thornton at a 17% premium in a $5 billion all-cash deal.
Grant Thornton is the acquirer; the deal is a capital event but impact on Grant Thornton is not discussed.