Priority Technology Holdings has received letters from two stockholders, Steamboat Capital Partners and Buckley Capital Partners, opposing a buyout offer earlier this month from the company’s chairman and CEO, Thomas Priore, who is also the largest shareholder.
Priore offered $6 and $6.15 per share for Priority, valuing the company at between $510 million and $520 million, according to his Nov. 9 letter to the company’s board.
On Nov. 10, the company’s board created a special committee of “independent and disinterested directors” to evaluate the cash offer from Priore, according to a press release and filing with the Securities and Exchange Commission. The company said the committee would evaluate “any potential strategic alternatives to the proposal” from Priore.