Inspirato officially declined a $43.6 million takeover bid by Exclusive Resorts on Monday. (Max Scheinblum/BusinessDen)
Inspirato intends to keep traveling solo.
The Denver-based luxury travel firm said Monday that it had officially declined an unsolicited acquisition offer from Exclusive Resorts.
Exclusive, a fellow Denver-based vacation club, approached publicly traded Inspirato earlier this month seeking to take the company private for $3.15 a share. On Sept. 18, the company upped that offer to $3.50, a 19% premium on the company’s $2.95 share price at the close of trading Monday.
That higher offer valued Inspirato at $43.6 million, although that figure does not include an additional approximately $25 million that Exclusive Resorts said it would also spend to rid Inspirato’s debt, pay off “outstanding equity-linked securities” and cover transaction expenses. Exclusive said it would spend $68.6 million in all.
But Inspirato’s board concluded that the offer was not in the “best interest” of the business’s employees, shareholders or members.
“While we will always evaluate strategic opportunities, we will only pursue those that align with our mission and deliver enduring value to all shareholders,” Chairman and CEO Payam Zamani said in a statement.
Zamani did not respond to a request for comment from BusinessDen.
The announcement comes after a tumultuous month for the company.
A deal to combine Inspirato with Buyerlink, a digital marketing firm owed by Zamani, fell apart after a minority investor said it “reeks of self-dealing.” The move would have led to Zamani owning 91% of the newly formed entity, the company said.
Brad and Brent Handler, the brothers who founded both Inspirato and Exclusive, have also demanded to look into Inspirato’s books.
They want to investigate “possible breaches of fiduciary duty, mismanagement, and other wrongdoing” in connection with Inspirato’s responses to Exclusive’s bids for the company, as well as statements made by Zamani in connection with the Buyerlink deal, according to filings with the Securities and Exchange Commission.
The pair, who each own about 4% of Inspirato, supported Exclusive’s takeover bid. They do not have any stake in Exclusive, which is owned by AOL cofounder Steve Case.
Zamani, who essentially owns about half of Inspirato, came on as CEO last August. Since then, he said, the company has cut about $40 million in costs annually. The company reported a $5.3 million loss on $63 million of revenue in the second quarter, an improvement from the $15.4 million it lost on $67.4 million of revenue in the same period in 2024.
“Inspirato is stronger today than at any point in its recent history,” Zamani said in a statement.
Inspirato officially declined a $43.6 million takeover bid by Exclusive Resorts on Monday. (Max Scheinblum/BusinessDen)
Inspirato intends to keep traveling solo.
The Denver-based luxury travel firm said Monday that it had officially declined an unsolicited acquisition offer from Exclusive Resorts.
Exclusive, a fellow Denver-based vacation club, approached publicly traded Inspirato earlier this month seeking to take the company private for $3.15 a share. On Sept. 18, the company upped that offer to $3.50, a 19% premium on the company’s $2.95 share price at the close of trading Monday.
That higher offer valued Inspirato at $43.6 million, although that figure does not include an additional approximately $25 million that Exclusive Resorts said it would also spend to rid Inspirato’s debt, pay off “outstanding equity-linked securities” and cover transaction expenses. Exclusive said it would spend $68.6 million in all.
But Inspirato’s board concluded that the offer was not in the “best interest” of the business’s employees, shareholders or members.
“While we will always evaluate strategic opportunities, we will only pursue those that align with our mission and deliver enduring value to all shareholders,” Chairman and CEO Payam Zamani said in a statement.
Zamani did not respond to a request for comment from BusinessDen.
The announcement comes after a tumultuous month for the company.
A deal to combine Inspirato with Buyerlink, a digital marketing firm owed by Zamani, fell apart after a minority investor said it “reeks of self-dealing.” The move would have led to Zamani owning 91% of the newly formed entity, the company said.
Brad and Brent Handler, the brothers who founded both Inspirato and Exclusive, have also demanded to look into Inspirato’s books.
They want to investigate “possible breaches of fiduciary duty, mismanagement, and other wrongdoing” in connection with Inspirato’s responses to Exclusive’s bids for the company, as well as statements made by Zamani in connection with the Buyerlink deal, according to filings with the Securities and Exchange Commission.
The pair, who each own about 4% of Inspirato, supported Exclusive’s takeover bid. They do not have any stake in Exclusive, which is owned by AOL cofounder Steve Case.
Zamani, who essentially owns about half of Inspirato, came on as CEO last August. Since then, he said, the company has cut about $40 million in costs annually. The company reported a $5.3 million loss on $63 million of revenue in the second quarter, an improvement from the $15.4 million it lost on $67.4 million of revenue in the same period in 2024.
“Inspirato is stronger today than at any point in its recent history,” Zamani said in a statement.
