Getty Images has rejected an offer of $4 billion to buy up the image giant. Trillium Capital allegedly made the offer which was subsequently declined by Getty, saying it was “not sufficiently credible.”
Trillium Capital first made the offer earlier this week with a generous sounding $10 per share. In cash, no less. Interestingly enough, however, Reuters noticed that the company had not attained any previous major aquisitions.
Allegedly Trillium own around 500,000 shares of Getty already, although the original Getty family and Koch Industries still own the majority 65% of the company. If Getty had accepted the offer from Trillium, they would have been forced to accept its Managing Partner Scott Murray as Chairman of the Board.
Trillium made the proposal public after claiming that Getty had been ignoring its overtures for weeks. In a bid of frustration to be taken seriously, saying that they “believe that our non-binding proposal might create substantial value for the shareholders of Getty.”
Getty responded saying that “Trillium Capital LLC 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 by the Board of Getty Images.”
Of course, after all this came to light, the stock price of Getty rose to around $7 per share. Perhaps this was the real end game. After all, Getty is currently attempting to sue AI image generators such as Stable Diffusion.