Allego ( ALLG ) stock is moving higher Monday after its majority shareholder, Meridiam, announced a transaction framework agreement.

The Details: Under the transaction framework agreement, Meridiam will launch a tender offer for all outstanding ordinary shares of Allego ( ALLG ) that are not owned by Meridiam or its affiliates.

The tender offer price is $1.70 per share, representing a 131% premium. After the tender offer is completed, Allego ( ALLG ) will delist itself from the New York Stock Exchange. Investors that choose not to accept the tender offer will remain invested.

Meridiam reaffirmed its long-term commitment to Allego ( ALLG ) including making available funds to develop, operate, and maintain charging sites in Germany. In addition, Meridiam will provide more equity-like capital to support Allego’s growth.

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ALLG Price Action: At the time of publication, Allego ( ALLG ) stock is trading 127.2% higher at $1.67 per data from Benzinga Pro.

Image: Courtesy of Allego ( ALLG )