GoHealth (NASDAQ:GOCO) shares fell 15% in early Friday trade after the company announced that reporting persons and CB Stockholders have informed its Special Committee that they are withdrawing their takeover proposal.
The interested parties will no longer pursue the proposed transaction as of the evening of August 24, 2023, according to the filing.
In May, the investor group delivered a non-binding proposal to GoHealth to acquire shares that they do not already own for $20 apiece.
“In response to feedback from the special committee of the Board that it will not pursue a transaction with the Reporting Persons and the Founder Stockholders under the terms set forth in the Proposal, the Reporting Persons and the Founder Stockholders informed the Special Committee on the evening of August 24, 2023 that they would withdraw the Proposal and cease to pursue the Proposed Transaction,” it is said in the filing.
Earlier this month, GoHealth reported its second-quarter results with revenue coming in at $142.8 million, crushing the expected $116.5 million.