By Colin Kellaher

Rover Group shares surged by nearly 30% to a new 52-week high Wednesday after the online pet-care marketplace agreed to be taken private by Blackstone in a $2.3 billion deal.

Private-equity firm Blackstone will pay $11 a share in cash for Rover, a 29% premium to Tuesday's closing price for the Seattle company and 70% above Rover's closing price of $6.47 on Nov. 6, before the company posted third-quarter results that topped Wall Street's expectations.

Rover shares were recently up 29% at a 52-week high of $10.99.

The stock reached an all-time high of $15.59 in September 2021, shortly after Rover went public through a combination with a blank-check company, and hit an all-time low of $3.14 in September 2022.

Rover said its deal with New York-based Blackstone gives the company and its advisers 30 days to seek alternative acquisition proposals. Blackstone would be entitled to a $36 million termination fee should Rover strike a new deal during the "go-shop" period.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

November 29, 2023 09:58 ET (14:58 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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