Today, Trillium Capital LLC announced a non-binding proposal to acquire Getty Images Holding, Inc. (NYSE: GETY) (“Getty” or the “Company”) for $10 per share in cash.
The principals of Trillium Capital LLC own hundreds of thousands of shares of common stock and common stock equivalents of Getty. Our non-binding proposal is contingent upon a number of things. These include immediate engagement by the Board of Directors of Getty (the “Board”), completion of satisfactory due diligence, obtaining satisfactory financing arrangements, entering a satisfactory purchase & sale contract, filing and completion of all regulatory matters related to our non-binding proposal and approval of shareholders, to name a few things. We may require other things to complete our non-binding proposal that we will determine at our sole discretion.
We may consider permitting the holders of the large block of shares of Getty (The Getty Family, Koch Industries and Neuberger Berman) who own over 80% of the shares outstanding to roll some or all their shares into our transaction. The principals of Trillium Capital will hold their shares of common stock of the Company if our non-binding proposal reaches a favorable conclusion.
Should our non-binding proposal be accepted, and we close the proposed transaction, we would expect that our Managing Partner will join the Board of Getty and become its Chairman. He has decades of experience in corporate governance, strategy, finance, technology and building scale companies.
We urge the Board to enter a non-disclosure agreement with us and allow us to commence due diligence as soon as possible. We may withdraw our non-binding proposal at any time without notice.
We believe that our non-binding proposal might create substantial value for the shareholders of Getty.
