Blackstone acquires pet care app Rover 

Private equity firm Blackstone is set to acquire the pet care app Rover in an all-cash deal.

[{"selector":"#anim-94539164-0e6b-432e-ad64-14d4b306cf6c [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-7.812499744007886%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] The deal is valued at $2.3 billion. The acquisition is expected to close in the first quarter of 2024.

[{"selector":"#anim-7f9b59ec-8352-4436-8bef-20ad0b396952 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-12.499999772451451%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] The deal offers Rover shareholders $11 per share.

[{"selector":"#anim-c8633f32-dc27-4ba8-82bb-d9f469618fde [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-31.24825829230841%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] This represents a 61% premium over Rover's average share price in the past 90 trading days.

[{"selector":"#anim-2fcdda65-2872-4eb4-81ff-be30bf2db3ef [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(0, 7.760782355151471e-15%, 0)","translate3d(0, 0%, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Rover shares surged about 28% upon the news of the acquisition.

[{"selector":"#anim-7bc30fa9-e1ef-494d-bbb8-a975bcd2cf92 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-8.068070926865474%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] Rover will cease to be a publicly-traded company after the deal's closure.

[{"selector":"#anim-29094c15-dd1c-466e-a230-0b443749a6ac [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.249999886225726%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] The agreement allows a 30-day period until Dec. 29 for Rover and its advisors to consider other acquisition offers.

[{"selector":"#anim-1869207f-d72a-43e4-8453-e4b838db7e4e [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-31.249999886225726%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] Rover's board of directors has approved the acquisition and recommended it to shareholders.

[{"selector":"#anim-f0a91f51-5d84-4eae-9083-15ed50e62b1d [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Rover shares had been trading mostly under $7 throughout the year.

[{"selector":"#anim-03c47cf0-0220-4e05-aa2f-b0cbfbda3dd3 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.251753861914572%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] A strong third-quarter earnings report led to a significant boost in Rover's share value.