ASRT Stock Drops After-Hours On Discounted Buyout Deal — Retail Calls It A ‘Robbery’

• The cash consideration represents a 3% discount to the stock’s closing price on Tuesday.
• The company didn’t elaborate on the value of the CVR but said that it is related to potential future milestones for its Sprix nasal spray. 
• The transaction, approved by the board of directors of both companies, is expected to close in the second quarter of 2026.

Shares of Assertio Holdings, Inc. (ASRT) fell by over 1% after-hours on Wednesday after the company said that it has entered into an agreement to be acquired by Garda Therapeutics for a total cash consideration of $125.1 million.

Under the deal, Garda will pay Assertio shareholders $18 per share in cash and a contingent value right (CVR). The cash consideration represents a 3% discount to the stock’s closing price on Tuesday.

The company didn’t elaborate on the value of the CVR but said that it is related to potential future milestones for its Sprix nasal spray.

The transaction, approved by the board of directors of both companies, is expected to close in the second quarter of 2026 and is subject to customary closing conditions, the pharmaceutical company said. Assertio’s common stock will no longer be listed for trading on Nasdaq following the closing of the deal, which follows the strategic review process initiated by the company in the first quarter of 2025.

Window Shop Period

Assertio also said on Wednesday that its buyout agreement includes a 20-day “window-shop” period, meaning that the company is free to engage with other parties who may provide superior value in the period.

A reduced breakup fee would apply if Assertio’s board terminates its agreement with Garda in favor of a superior bid during the period.

How Did Retail Traders React?

On Stocktwits, retail sentiment around ASRT stock stayed within ‘bearish’ territory over the past 24 hours, while message volume remained at ‘low’ levels.

Stocktwits users expressed disappointment over the deal.

One user called the deal a ‘robbery.’

Another user reiterated the prior user’s stance.

ASRT stock has gained nearly 130% over the past 12 months. 

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