Purple Innovation confirms buyout bid that values mattress seller at about $362 million

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Shares of Purple Innovation Inc. PRPL, -3.13% rocketed 32.6% in premarket trading Monday, after the mattress and bedding seller confirmed that it received an “unsolicited” buyout bid from hedge fund manager Coliseum Capital Management LLC. The company said Coliseum Capital was bidding $4.35 a share for the company, which represents a 55.9% premium to Friday’s closing price of $2.79, and implies a market capitalization of about $361.97 million. “The Purple Board of Directors will carefully review the proposal to determine the course of action that it believes is in the best interest of Purple and all Purple shareholders,” the company said. Purple Innovation’s stock has tumbled 21.4% over the past three months through Friday, while the Dow Jones Industrial Average DJIA, -0.45% has gained 3.1%.

This article was originally published by Marketwatch.com. Read the original article here.

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