Inactive Instrument

Blue Apron Holdings A

Equities

APRN

US09523Q3092

Wonder Group buying meal kit company Blue Apron for about $103 million

September 29, 2023 at 12:38 pm EDT

Wonder Group is buying meal kit company Blue Apron for about $103 million as the company looks to enhance its offerings.

Wonder Group, which was founded by e-commerce mogul Marc Lore, began with vans that would deliver meals to residences, making the final preparations curbside. But the company faced push back from some residents concerned about the environmental impact of the idling vans and also dealt with cost concerns. It has since started opening some stores, moving away from the van delivery service.

Blue Apron has built itself into a known name in the meal kit sector, but it's faced increased competition over the years from other meal kit businesses, like Hello Fresh, as well as restaurant and grocery delivery services and at home chefs.

In 2019, two years after its initial public offering, the New York-based company was faced with a potential delisting from the New York Stock Exchange because of its faltering stock price. Blue Apron announced in 2020 that it was considering selling itself, as it was losing customers and revenue was declining.

Lore said in a statement that the Blue Apron transaction will bolster the company's mealtime app.

“At-home meals play a key role in this vision and have been on our strategic roadmap since the beginning," he said.

Blue Apron shareholders will receive $13 per share for each share that they own.

The company's stock soared 134% before the market open.

Wonder Group said Friday that once the transaction is complete, it plans to continue Blue Apron’s current operations serving customers nationwide under the Blue Apron brand.

“The Blue Apron brand and products that our customers know and love will stay the same, with more opportunity for product expansion in the future,” Blue Apron President and CEO Linda Findley said in a statement.

Blue Apron's board has unanimously approved the deal, which is expected to close in the fourth quarter.

Latest news about Blue Apron Holdings A

Blue Apron Holdings, Inc.(NasdaqGM:APRN) dropped from S&P TMI Index	Nov. 14	CI
Blue Apron Holdings, Inc.(NasdaqGM:APRN) dropped from NASDAQ Composite Index	Nov. 13	CI
Wonder Group, Inc completed the acquisition of Blue Apron Holdings, Inc. from FreshRealm, Inc. and others.	Nov. 12	CI
Blue Apron Holdings, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	Nov. 09	CI
North American Morning Briefing : Traders Await -2-	Nov. 09	DJ
Tech Advances on 'Window Dressing' -- Tech Roundup	23-09-29	DJ
US Equity Markets Close Mixed Friday Amid Government Shutdown Concerns	23-09-29	MT
Sector Update: Consumer Stocks Mixed Late Afternoon	23-09-29	MT
Sector Update: Consumer	23-09-29	MT
Top Midday Gainers	23-09-29	MT
Wall Street Set to Open Higher; Personal Consumption Inflation Data Lower Than Expected	23-09-29	MT
Sector Update: Consumer Stocks Edge Higher Premarket Friday	23-09-29	MT
Easing Yields Ahead of Key Inflation Data Lift Exchange-Traded Funds, Equity Futures Premarket Friday	23-09-29	MT
Investors Await Inflation Data, Consumer Sentiment Report as US Futures Trend Higher Friday	23-09-29	MT
Blue Apron Agrees to Be Acquired by Wonder Group for About $103 Million in Cash, Shares Rise Pre-Bell	23-09-29	MT
Top Premarket Gainers	23-09-29	MT
Blue Apron Holdings to Be Acquired by Wonder Group for $13 per Share	23-09-29	MT
Blue Apron to be acquired by food delivery firm Wonder Group for $103 mln	23-09-29	RE
Wonder Group, Inc entered into an agreement to acquire Blue Apron Holdings, Inc. from FreshRealm, Inc. and others for $110 million.	23-09-28	CI
Blue Apron Holdings, Inc.(NasdaqGM:APRN) added to NASDAQ Composite Index	23-09-26	CI
Blue Apron to Transfer Stock Listing to Nasdaq	23-09-11	MT
Lake Street Adjusts Blue Apron Price Target to $5 From $12, Maintains Hold Rating	23-08-10	MT
Benchmark Raises Price Target on Blue Apron to $17 From $16, Maintains Buy Rating	23-08-10	MT
Transcript : Blue Apron Holdings, Inc., Q2 2023 Earnings Call, Aug 09, 2023	23-08-09
Blue Apron Holdings, Inc. Provides Earnings Guidance for the Full Year 2023 and 2024	23-08-09	CI

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Company Profile

Blue Apron Holdings, Inc. designs original recipes with fresh ingredients. The Company offers fresh, chef-designed recipes to its customers. Its core product is the meal experience, which includes discovering new recipes, ingredients and cooking techniques to preparing meals. On its direct-to-consumer platform, it offers its customers a mix of ingredients, cuisines, familiarity, discovery, and preparation times. It offers four weekly meal: plans - a Two-Serving Signature Plan, a Two-Serving Vegetarian Plan, a Two-Serving Wellness Plan, and a Four-Serving Signature Plan. For meal plans, customers have the flexibility to choose any combination of the recipes offered in their selected plan each week. The Company also sells wine, as well as a curated selection of cooking tools, utensils, pantry items, and add-on products for different culinary occasions, which are tested and recommended by its culinary team. Its products are available to purchase through its Website and mobile application.

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