10:52 AM EDT, 06/05/2024 (MT Newswires) -- SPAR Group (SGRP) said Wednesday that it has entered into a letter of intent to go private with Highwire Capital.

The company said that the move has been unanimously approved by its board and a special committee of independent directors formed to evaluate strategic alternatives.

Highwire Capital is offering to buy SPAR Group in a merger deal for $58 million, or $2.50 per share. The payment will be made in cash after certain adjustments, once a final merger agreement is negotiated, executed, and all conditions are met, the company said.

Shares of SPAR Group fell more than 19% in recent trading activity.

Price: 2.26, Change: -0.58, Percent Change: -20.32