07:58 AM EDT, 09/25/2024 (MT Newswires) -- Target Hospitality ( TH ) said Wednesday its board has decided to disband its special committee of independent directors constituted to evaluate a bid from TDR Capital affiliate Arrow Holdings in March to acquire its outstanding shares for $10.80 apiece.

A process to consider strategic alternatives to the bid also did not produce any formal offers, Target Hospitality ( TH ) said

"The company cannot predict what Arrow, TDR or others will do in the future regarding a potential acquisition," the company said, adding that it was reaffirming its 2024 guidance.

Target Hospitality ( TH ) shares were nearly 25% lower in recent premarket trading.

Price: 7.00, Change: -2.44, Percent Change: -25.85