On August 28, 2023, Thorne HealthTech, Inc., a leader in delivering innovative solutions for a personalized approach to health and wellness, announced that it has entered into a definitive agreement under which L Catterton, a leading global consumer-focused investment firm, will commence a tender offer to acquire all outstanding shares of common stock of Thorne for $10.20 per share in cash. The transaction value of approximately $680 million represents a 94 percent premium to the unaffected closing share price on July 20, 2023, and a 113 percent premium to the 30-day volume weighted average price as of the unaffected date of July 20, 2023. Thorne's independent Special Committee and board of directors have each unanimously approved the agreement and recommend that Thorne’s stockholders tender their shares into the tender offer. Wilson Sonsini Goodrich & Rosati represented Thorne and the Special Committee of the board of directors in the transaction.
The transaction is expected to be completed in the fourth quarter of 2023, subject to customary closing conditions. Subject to the terms and conditions of the agreement, following the completion of the tender offer, L Catterton will acquire any shares of Thorne that are not tendered in the tender offer through a second-step merger for $10.20 per share in cash. Upon completion of the transaction, Thorne will become a privately held company and its shares of common stock will no longer be listed on any public market.
The Wilson Sonsini team that represented Thorne and the Special Committee of the board of directors includes:
For more information, please see Thorne’s news release.