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Accesswire
1 month ago
Reservoir Confirms Receipt of Non-Binding Proposal from Wesbild and Richmond Hill
No Shareholder Action Required at This Time NEW YORK, NY / ACCESS Newswire / March 4, 2026 / Reservoir Media, Inc. (NASDAQ:RSVR) ("Reservoir" or the "Company"), an award-winning independent music company, today confirmed it received an unsolicited, preliminary non-binding proposal from two of its shareholders, Richmond Hill Investment Co., LP ("Richmond Hill") and Wesbild, Inc. ("Wesbild" and, together with Richmond Hill, "Wesbild/Richmond"), pursuant to which Wesbild/Richmond proposes to acquire all of the outstanding shares of common stock of the Company that are not already owned by Wesbild/Richmond at a price of $10.50 per share in cash. The Reservoir Board of Directors (the "Board") has formed a Special Committee consisting of independent and disinterested directors of the Board to evaluate the proposal from Wesbild/Richmond, as well as the non-binding indication of interest from Irenic Capital Management, LP and any other alternatives available to the Company, and determine the course of action that is in the best interests of the Company and all of its shareholders.