What happened
Getty Images Holdings (GETY 2.07%) was very much in focus with many investors this week. According to data compiled by S&P Global Market Intelligence, the company's share price had risen by 29% week to date as of early Friday morning. That was understandable, as the photo services company had received a lucrative buyout offer.
So what
Getty's suitor is investment firm Trillium Capital, which on Monday offered $10 per share to acquire the company. Trillium holds a stake in Getty and has been an activist investor, calling for the company to change its strategy and to put itself up for sale.
Getty quickly rejected Trillium's offer, stating that the would-be acquirer "has not provided the board of Getty Images or its advisors with any evidence that it, its managing partner or its non-binding, highly conditional proposal are sufficiently credible to warrant engagement."
Trillium has been notably short on details in its bid for Getty. When interviewed by Reuters for an article on the matter, the firm's chief executive Scott Murray refused to provide precise information about the source of Trillium's funding for a potential deal. He did insist that the bid was "genuine" and cited his "deep relationships" in the private equity sphere as underpinning the Trillium effort.
Now what
While Getty stock has leaped by nearly 30%, as of Thursday market close it still stood well short of Trillium's $10-per-share offer, at $6.54. This indicates some rather deep skepticism of the offer, which is understandable given Trillium's relative obscurity and the lack of detail on its bid.
