Inside the Vacasa Bidding War — The Unfolding Battle
Photo Credit: A Vacasa-managed vacation rental in Casa Vista Verde_Uvita, Puntarenas, Costa Rica. Vacasa
Skift Take
With Davidson Kempner's latest bid for Vacasa at $5.83 per share and the Vacasa board-endorsed bid from Casago at $5.30 per share, one thing is certain — this is not the end of the story.
It seemed troubled property manager Vacasa had finally gotten a lifeline when its board endorsed an offer from a potential buyer. But the board’s decision to stick with that bidder when higher offers were submitted could spark pushback from shareholders – and potential legal action.
At issue are two rival bids: One is from real estate platform Roofstock in alliance with Casago, a smaller property manager, at $5.30 per share. The other is from hedge fund Davidson Kempner, which on Sunday hiked its bid to $5.83 per share.
In mid-March, Vacasa’s board endorsed the lower bid from Casago on the recommendation of a special committee formed to orchestrate a sales process.
In a financial filing accompanying its updated bid, Davidson Kempner alleged that powerful Vacasa shareholders have forced “a “sweetheart deal for themselves” to the detriment of other shareholders.“Should the special committee continue to disregard its fiduciary responsibiliti
