AdTheorent Says Third-party Withdraws Acquisition Offer Of $3.35/share; Stock Down

(RTTNews) - AdTheorent Holding Company, Inc. (ADTH), a digital media platform, said on Thursday that the third party that had submitted a non-binding acquisition proposal to acquire the company for $3.35 per share has withdrawn it.

In addition, the party has informed AdTheorent that it does not intend to submit another acquisition offer. This proposal was submitted during the go-shop period.

Subsequently, Cadent, LLC, a portfolio company of Novacap, had agreed to acquire AdTheorent for $3.21 per share in cash or around $324 million. The waiting period or the Antitrust review period under Hart-Scott-Rodino Act, was over on May 6, and now AdTheorent and Cadent continue to remain subject to the Merger Agreement, the company said in a statement.

ADTH was trading down by 7.45 percent at $3.170 on the Nasdaq.