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Getty Images shares opened 55% up on Monday: here’s why

Shares of Getty Images Holdings Inc (NYSE: GETY) opened about 55% up on Monday after Trillium Capital said it wanted to buy the visual media company.

Details of the proposed buyout offer

Trillium is willing to pay $10 a share for the Seattle-headquartered firm – a near 100% premium on its previous close. In the press release, the investment company said:

We urge the Board to enter a non-disclosure agreement with us and allow us to commence due diligence ASAP. We believe our non-binding proposal might create substantial value for shareholders.

Last month, the provider of stock images reported its financial results for the fourth quarter that came in shy of Street estimates. Getty Images shares are now up more than 100% versus their recent low.

Jim Cramer’s view on Getty Images shares

The stock market news arrives only days after Trillium Capital urged Getty Images to find a buyer.

It also expressed disappointment in the company for missing on obvious opportunities that could have boosted shareholder value. Reacting to today’s development, famed investor Jim Cramer said:

It’s one of the few companies that are going to make money this year. It’s a fantastic property. You need pictures, they own all the pictures. If Trillium gets it, it’s just a steal at these prices.

He’s bullish on Getty Images’ partnership with Nvidia Corporation as well. The Mad Money host, therefore, does see a possibility of a better proposal from a different suitor moving forward. Wall Street currently has a consensus “overweight” rating on Getty Images shares.

The post Getty Images shares opened 55% up on Monday: here’s why appeared first on Invezz.

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