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You are here: Home / Business/Industry News / Sports Memorabilia Industry News / Proposed Sale of PSA Parent Company Moves Ahead as Shareholders Accept $92 Offer
Mile High Card Co.

Proposed Sale of PSA Parent Company Moves Ahead as Shareholders Accept $92 Offer

February 4, 2021 By Rich Mueller

It appears the parent company of grading and authentication giant PSA will soon be privately owned.

A majority of shareholders of Collectors Universe have agreed to tender their shares for $92 each, marking the acceptance of an $853 million bid by an investor group that includes entrepreneur/collector Nat Turner, New York Mets owner Steve Cohen and Charlotte Hornets minority owner Dan Sundheim.   

Collectors Universe headquarters in Santa Ana, CA

Mirroring the rise in trading card prices, it’s quite a return for those who had purchased Collectors Universe stock prior to last summer.  As late as last April, CU was trading at less than $20 per share.  The company has been in a large expansion mode and attempting to deal with a massive backlog of customer submissions as the card market went from strong to explosive growth in 2020. 

Just over five million shares of Collectors Universe’s common stock have been validly tendered and not withdrawn in the tender offer, representing approximately 56% of the outstanding shares of the company’s common stock.

The investor group had made an initial offer of $700 million—or $75.25 per share—in December.  CU’s board of directors accepted the offer, but met with some opposition from major stockholders who felt the company was worth more.  The group said its most recent proposal was its “best and final” offer.

“Approximately 752,361 of the validly tendered shares of Collectors Universe’s common stock, representing approximately 8.3% of shares outstanding, were tendered by notice of guaranteed delivery,” Collectors Universe stated on Thursday. “ To allow for those shares to be delivered, which can take up to two business days, the tender offer has been extended to one minute after 11:59 p.m., Eastern Time, at the end of the day on February 5, 2021.

“Assuming the successful closing of the tender offer after the extension period, the Investor Group intends to complete its acquisition of Collectors Universe as soon as practicable.”

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PSA: Ultra-Modern Price Hike Temporary; Hiring Continues PSA Parent Company Agrees to $700 Million Buyout Offer Help Wanted: PSA Tries to Keep Up With Demand as Revenue Soars PSA Reports Record Quarter Despite Temporary Shutdown; Hoping Robotics Can Increase Efficiency PSA Parent Company Adds 3 to Board of Directors PSA Hires Long-Time Collector for New Customer Experience Role PSA Parent Leasing More Space for Expansion Project PSA Announces New Pricing Structure Revenue, Submissions, Backlog Still Growing at PSA New Offer for PSA Parent Company: $853 Million
Rich Mueller

About Rich Mueller

Rich is the editor and founder of Sports Collectors Daily. A broadcaster and writer for more than 30 years and a collector for even longer than that, he's usually typing something somewhere. Type him back at [email protected]

Filed Under: Popular Stories, Sports Memorabilia Industry News Tagged With: collectors universe, Nat Turner, psa backlog, PSA grading, sports card grading

Our articles may contain affiliate links. When you click one and make a purchase, we receive a commission.  The revenue is what helps keep SC Daily afloat!

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