The deal has not closed. It remains subject to closing conditions, and the companies have not made the closing timeline public in the material available. Bumble is expected to delist once the transaction completes. Bumble's market capitalization had fallen to about $582 million before the announcement, down from roughly $14 billion at its 2021 listing, and its latest quarterly report showed revenue down 15.2% year over year and paying subscribers down 16.4%. Bloomberg reported the advanced talks on the Monday before the announcement, and a June Reuters report had said Bumble was exploring a sale. Bumble shares rose about 56% to $5.94 in morning trading after the agreement.
For attorneys, the near-term items are the closing conditions and the disclosure that accompanies a written-consent deal, since shareholders who did not sign will rely on the information provided to them rather than a vote. Watch for the filings that set out the closing timeline and any regulatory approvals, along with the governance arrangements for the co-CEO structure and Wolfe Herd's ongoing role. Delisting and any related deal-protection or litigation activity will follow the close.