Spok reviewing options for potential sale of company
Arlington-based health care tech company has received public and private interest in acquiring it
Arlington-based health care communications tech company Spok Holdings Inc. announced Friday that it is conducting a strategic review of its options, which may include selling the publicly traded company.
California-based Acacia Research Corp. and its partner, New York-based Starboard Value LP, publicly expressed interest in acquiring Spok and have accumulated more than 5% of Spok’s outstanding stock. Spok began the review process after also receiving inquires from multiple private parties interested in acquiring all or part of the company, according to a news release. Spok’s board of directors will invite Acacia to participate in the process.
Spok brought in in $148.2 million in revenue for 2020 and $160.3 million in 2019.
Its board of directors approved a shareholder rights plan after market hours on Sept. 2. The plan distributes one right to each outstanding share of common stock and expires Aug. 31. A copy of the plan and a summary of its terms have been filed with the Securities and Exchange Commission.
“Spok’s board is dedicated to maximizing value for all our shareholders,” Royce Yudkoff, chairman of the Spok board, said in a statement. “Our goal in disclosing our ongoing strategic alternatives review and adopting the rights plan is to ensure that all interested parties have the opportunity to participate fairly and to provide the board time to make an informed decision in the best interests of Spok’s shareholders.”
Spok Inc. is a wholly owned subsidiary of Spok Holdings Inc. Spok owns the Spok Go and Spok Care Connect platforms, which enable Secure, HIPAA-compliant messages for clinicians and health care teams. The company’s health care industry customers send more than 100 million messages each month.