Despite having its bids to acquire multiple Solana treasury firms denied, Forward Inc.'s (FWDI) stock was up as much as 8.6% on Tuesday morning, on a day when (SOL) itself is slightly down.
On Tuesday, Solana Company issued a message stating its board has unanimously and unambiguously rejected Forward’s unsolicited bid to acquire the firm.
In recent days, Forward, the largest Solana digital asset treasury (DAT), has sent non-binding proposals to buy out smaller DATs, including Solana Company (HSDT), SkyAI, Inc. (SKYA), and Solmate (SLMT).
All of those proposals, which offered to mint new FWDI shares for the would-be acquisition target’s shareholders at a 1:1 rate with a 10%-30% premium, were rejected.
"After careful consideration, the Board unanimously concluded that the Forward proposal substantially undervalues the Company. Accordingly, the Board determined that the proposal was not in the best interests of the Company and its stockholders," Solana Company said in a statement on Tuesday.
