Shares of Arena Group Holdings jumped late Wednesday after a report of a new buyout offer for the company.
The stock was up 42%, to $2.96, in after-hours trading, following a 9.1% fall at Wednesday’s close. Shares have tumbled 79% over the last year.
James Heckman, the former chief executive of Arena, and crypto investor Brock Pierce have teamed up to launch an offer for the publisher of Sports Illustrated, the New York Post reported Wednesday, citing a person familiar with the matter.
Heckman and Pierce have offered about $4.50 a share for 45% of the company, the Post reported.
The buyout attempt comes as Manoj Bhargava, the founder of 5-Hour Energy, seeks to complete an acquisition of a majority stake in Arena.
Bhargava was named interim CEO last month after Ross Levinsohn was terminated.