Allbirds takeover bid represents per-share value near $5.70, says William Blair

After Allbirds (BIRD) announced an agreement for brand management and manufacturing company American Exchange Group to acquire all of the company’s intellectual property, along with certain other assets and liabilities, for an estimated transaction value of $39M, William Blair said the offer price of $39M, less debt of $17M and the cash at year-end of $27M, represents a per-share value of close to $5.70, yet shares are off nearly 20% on the news to $2.40. The spread, or $28M, represents wind-down fees, adds the analyst, who has a Market Perform rating on Allbirds.