Tuesday, June 25, 2024

Franchise Group ticks higher amid Nasdaq delisting notice for management buyout

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The Vitamin Shoppe shop store sign in South Carolina selling health supplements

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Franchise Group (NASDAQ:FRG) ticked up 0.7% in after hours trading amid a Nasdaq delisting notice for its $30 a share sale to a management-led group.

The owner of brands including Vitamin Shoppe, Buddy’s Home Furnishings, and Sylvan Learning is set to have its last trading date on August 21, according to a Nasdaq notice on Wednesday.

The Nasdaq notice comes ahead of a Franchise Group (FRG) stockholder vote on Thursday for stockholders to approve the sale to a consortium that includes CEO Brian Kahn as well as B. Riley Financial (RILY) and Irradiant Partners.

Franchise Group (FRG) seesawed in trading on Wednesday, at one point dropping as much as 5.4%, before closing down 0.6%, without any reason for the sudden drop.

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