November 15, 2021
Casper Sleep Inc. has announced that it entered into a definitive agreement to be acquired by Durational Capital Management LP. Under the terms of the agreement, Casper common stockholders will receive cash consideration of US$6.90 per share, representing a 94% premium to the closing share price on November 12, 2021, the last trading day prior to this announcement and a premium of approximately 80% to the 30-day volume weighted average price ending November 12, 2021. Casper’s Board of Directors has unanimously approved the transaction and recommends that Casper stockholders approve the transaction and adopt the merger agreement. The transaction is expected to close in the first quarter of 2022 and is subject to customary closing conditions, including Casper stockholder approval.
Latham & Watkins LLP represents Casper in the transaction with a corporate team led by New York partners Marc Jaffe, Justin Hamill, and Josh Dubofsky, with associates Saso Kraner, Wayne Yu, and Junhan Zhang. Advice was also provided on capital markets and public company representation matters by partners Ian Schuman, Adam Gelardi, and Jenna Cooper, with associate Naseem Faqihi Alawadhi; on tax matters by partner Lisa Watts, with associate Alan Kimball; on benefits & compensation matters by partner Bradd Williamson, with associates Alisa Hand and Samantha Voutyras; on antitrust matters by partner Mandy Reeves; on IP matters by partner Jeffrey Tochner, with associate Dewey Kang; on litigation matters by partner Blair Connelly; on finance matters by counsel Ryan deFord; and on data privacy & security matters by counsel Robert Blamires, with associate Samantha Maerz-Boening.