Shares of Assertio Holdings (NASDAQ:ASRT) climbed 16% on Monday after the company disclosed an amended merger agreement with Garda Therapeutics increasing the all-cash tender offer to $21.80 per share.
The updated proposal represents a 21.1% premium to Garda's original offer dated April 8, 2026, and a 63.1% premium to Assertio's share price as of March 20, 2026. Based on the new consideration, the transaction values Assertio at $153.2 million.
The company said the revised offer follows engagement with multiple parties during its so-called "window-shop" period and included the receipt of a Superior Proposal. In line with the terms of the original merger agreement, Assertio negotiated with Garda. The higher consideration that Garda is providing is supported by fully-committed equity and debt financing commitments.
Assertio's Board of Directors evaluated the alternatives and concluded that Garda's enhanced bid constitutes the most favorable outcome for holders of Assertio stock.
Under the terms of the amended agreement, Garda will acquire all outstanding Assertio shares for $21.80 per share in cash. The Merger Agreement explicitly does not include a contingent value right. The companies anticipate completing the transaction in the second quarter of 2026, subject to customary closing conditions, including the tender of a majority of Assertio's outstanding shares.
Should the tender offer meet its threshold, Garda will proceed to acquire any remaining shares through a second-step merger at the same $21.80 per-share price. Once the transaction is finalized, Assertio's common stock will be removed from listing on Nasdaq.
This report focuses on the terms and timing disclosed by Assertio and Garda and does not introduce additional analysis or projections beyond the companies' statements. All items above reflect the details provided in the amended merger agreement and subsequent company disclosures.