InnerWorkings Inc., Chicago, announced today that its stockholders officially approved a merger with HH Global Group Limited. InnerWorkings will officially become a wholly owned subsidiary, after the deal was first announced back in July.
At that time, Promo Marketing’s sister publication Print+Promo reported that HH Global would acquire InnerWorkings at a price of $3 per share in a cash transaction totaling about $177 million in equity revenue.
“Over the past several months, we’ve been taking actions to put InnerWorkings in the best position to weather the challenging environment in which we’re operating,” said Rich Stoddart, CEO of InnerWorkings, said at the time.
“In these times of significant economic uncertainty, the board of directors and management determined to undertake a comprehensive process to preserve and enhance value for shareholders,” he continued. “After exploring a range of financing and strategic alternatives, and implementing meaningful cost-saving measures in response to the COVID-19 pandemic, we’re confident this combination represents the best path forward for our shareholders and InnerWorkings. In addition to delivering an immediate cash premium to our shareholders, the combination will create a company with a stronger balance sheet and will enhance our ability to accelerate our transformation and serve our client base.”
In March, HH Global also announced that it solidified a three-year partnership with GNC Holdings Inc. to provide print and direct mail capabilities.
The agreement between HH Global and InnerWorkings Inc. is expected to close on Oct. 1, 2020, subject to remaining closing conditions.
For more information on InnerWorkings Inc., visit www.inwk.com.
