Murchinson urges TaskUs stockholders to reject going private transaction

Murchinson, a holder of the Class A common stock of TaskUs (TASK), issued an open letter to fellow stockholders in response to the Company’s August 22 investor presentation regarding its proposed “going-private” transaction with a consortium of Blackstone (BX), the Company’s controlling stockholder, TaskUs Co-Founder and CEO Bryce Maddock and TaskUs Co-Founder and President Jaspar Weir. The letter read, in part, “We are writing to you in regard to the upcoming opportunity to demand fair value for our shares by rejecting the Transaction at the special meeting of stockholders (the “Special Meeting”) scheduled for September 10, 2025. Murchinson conducted extensive research into TaskUs, its growth trajectory, and its future earnings potential. We carefully examined and considered the Company’s information in the Presentation. Following that research and review, we are more certain than ever that the $16.50 transaction price accepted by the Company’s Board of Directors drastically undervalues the Company, especially in light of its strong financial results for the first half of the year. Our previous letter to stockholders detailed our analysis and raised several valid questions pertaining to the Transaction and the flawed process that led to it. On August 22, the Company released a self-contradicting Presentation, in a blatant attempt to scare stockholders into supporting the Transaction. For example, the Board has the temerity to assert that, absent the Transaction, shares would be trading approximately 20% below the pre-announcement price.1 Yet, the same Presentation reports that peers have traded off only about 10% since the Transaction was announced. At no point does the Company attempt to justify this discrepancy. We believe the overstatement of potential risk confirms that stockholders cannot trust this Board to communicate with transparency. Given the inherent conflict of interests in the proposed Transaction, we believe stockholders are better off voting against it and preserving the potential for a fair deal at a later time. The Board appears to believe that it can convince stockholders to support a terrible deal by fear mongering and continuing to pretend that it delivered a good outcome…We believe stockholders would be better off rejecting this Transaction and preserving the option to get at least $19.00 per share, rather than accepting the discounted offer price of $16.50 per share and giving up any shot at receiving fair value. That is why we still intend to vote AGAINST this Transaction at the Special Meeting. We expect the Company to fulfill its obligation to all stockholders to pursue a deal that would result in fair value for the Company’s shares.”