Attention, those of you who own Shutterstock Inc. (SSTK): SSTK is preparing to complete a merger with Getty Images Holdings, Inc. (GETY). More can be read about the merger here.
Those of you who own SSTK have likely received an email notification from your brokerage containing a link to a form asking you how you would like to be compensated for the merger. The choices include a cash payment of $28.85 for each share of SSTK that you own, a trade of 13.67 shares of GETY for each share of SSTK, or a mixed consideration of 9.17 shares of GETY plus $9.50 in cash for each share of SSTK.
We do not recommend any specific election at this time. The default election, mixed consideration, will allow for you to trade your SSTK shares until the completion of the merger. As we approach that date, SSTK will trade closer to the merger price. We’ve already seen a significant move in recent days. For those of you who have already chosen the cash election option, please note that your shares will be locked until the merger is completed, which may take a few weeks. No harm was done by making the cash election. The locked shares simply cause that piece of your portfolio to be inaccessible for a short time period.
As we get closer to the merger and/or final details are released, we will issue an updated position alert advising you on what action (if any) to take on the position moving forward.
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