Shares of Rewards Network Inc. (DINE) soared more 36% Wednesday, for the biggest gain in the Russell 2K Index, after billionaire Sam Zell’s private equity firm ‘Equity Group Investments LLC’, which owns 26.4% of Rewards Network, said in a filing it is interested in acquiring the Chicago-based company for $13.50 a share.
The per-share “non-binding indication of interest”, filed via an amended 13D filing, isn’t a formal offer, but if it were it would be a 36% premium over Tuesday’s closing price of $9.90.
Rewards Network said it’s studying its options and “has engaged Harris Williams & Co. to assist it in evaluating the indications of interest received to date and to pursue a broader exploration of strategic alternatives in an effort to enhance shareholder value.”
Rewards Network shares spiked $3.65, or 36.87 percent, to $13.56 at 11:41AM EDT in Nasdaq trading.
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