InnerWorkings and HH Global Deal Completed
InnerWorkings Inc., Chicago, announced that its stockholders approved a merger with HH Global Group Limited. Under the terms of the agreement, which was initially revealed in July, InnerWorkings will become a wholly owned subsidiary of HH Global.
As previously announced, HH Global will acquire InnerWorkings for $3.00 per share in an all-cash transaction totaling roughly $177 million in equity value.
“Over the past several months, we’ve been taking actions to put InnerWorkings in the best position to weather the challenging environment in which we’re operating,” Rich Stoddart, CEO of InnerWorkings, said in a press release. “In these times of significant economic uncertainty, the board of directors and management determined to undertake a comprehensive process to preserve and enhance value for shareholders.
“After exploring a range of financing and strategic alternatives, and implementing meaningful cost-saving measures in response to the COVID-19 pandemic, we’re confident this combination represents the best path forward for our shareholders and InnerWorkings,” he said of leadership’s thought process. “In addition to delivering an immediate cash premium to our shareholders, the combination will create a company with a stronger balance sheet and will enhance our ability to accelerate our transformation and serve our client base.”
In an interview for Print+Promo’s 2019 top 50 distributors feature, Stoddart attributed the top-ranked company’s prior success to its “incredibly strong team,” whose talent and ingenuity enabled InnerWorkings to sign an annual run rate of $135 million in new contract awards through its second quarter.
“At InnerWorkings, what sets us apart is being brilliant problem-solvers,” he shared. “We love to take a tough challenge and bring back a new way of doing things that creates massive value and turns the status quo on its head.”
The agreement between HH Global and InnerWorkings is expected to close on Oct. 1, 2020, subject to remaining closing conditions.