Apparently for Sale, Emerald Board is Reviewing Multiple Offers to be Acquired

BREAKING NEWS

Emerald Holding, Inc. (NYSE: EEX) – parent company of Emerald Expositions, CEDIA Expo, CEPro, Commercial Integrator, and many more – announced Tuesday that it’s Board of Directors has begun “a review of potential strategic options.” Why does it have to consider “strategic options?” Because Emerald says it has received “inquiries” about offers for a possible acquisition of the company.

Yes, it appears that Emerald is on the market, looking for a new owner…

As long-time readers know, I follow Emerald fairly closely, ever since it acquired the CEDIA Expo show in 2017, as well as when it acquired various EH Media properties, such as CEPro, Commercial Integrator, Security Sales & Integration and more in 2018. Although Emerald is a for-profit, public company, I knew it would have a major impact on the custom integration industry, even though it has no direct stake in the industry. This is dangerous and has earned my close monitoring.

Emerald’s stock value has had a challenging year in 2025, largely due to the company’s mixed financial performance, as I’ve reported on extensively. The value of EEX started in 2025 at $4.83/share and proceeded to drop, closing at $4.79 on the first trading day of the year. This was to be a sign of a rough first quarter, with value trending down throughout the quarter and finally closing at the end of March at $3.93.

After a few more months, EEX shares succeeded in climbing back into the $4 range in May and even moved higher in July, re-attaining share prices in the $5 range. Then, on October 1st, it slipped back under $5 and continued to drop, ultimately bottoming out at $3.37 on December 1st.

Then, Something Remarkable Happened

But on Tuesday, December 16th, something truly remarkable happened…EEX shares suddenly shot up nearly 40% to close at $4.95. That was the market reaction to the company announcement that it was considering multiple inquiries for a potential acquisition by unnamed third parties. Investors seemed to like the idea of the company being sold, with new owners and potentially new managers brought on board, and maybe making some significant money on their investment after years on a rollercoaster.

The inquiries we’ve received from multiple parties underscore the market’s recognition of the value we’ve created and the essential role live events play in driving connection, innovation, and commerce across the industries we serve. Our Board is taking a thoughtful, proactive approach to evaluating these as part of its responsibility to maximize shareholder value. As we do so, we remain focused on our strategy, our mission, and delivering exceptional experiences for our employees, customers, and partners.

Hervé Sedky, Emerald’s President and Chief Executive Officer

How Did This Development Come About?

The company’s announcement is relatively terse, other than a lot of self-congratulatory narrative of how this development affirms that the company has created great value, as evidenced, it argues, by the burst of acquisition interest. There is no description of how these offers came about. Did the company ask its financial advisors to engage in outreach to potential buyers? Are any of these offers from related entities? Are any of these offers from competitors?

We don’t know. But I find it a touch suspicious that, all of a sudden, with no precipitating action, offers just started pouring in…unsolicited. In any event, there are no details on the circumstances surrounding this sudden development, so we have no choice but to wait. However, the company does offer all of the usual warnings about where the situation stands…

Emerald, to the World: Please Stand By…

There is no assurance that any transaction will occur as a result of this review of options, and Emerald’s Board of Directors does not expect to provide updates regarding this review until an agreement is reached, or the review is otherwise completed.

Emerald, December 16, 2025 Press Release

By the way, in two weeks, we will reach the end of the month, the end of the quarter, and the end of the year. And for Emerald, we reach the end of its fiscal year 2025. Is it purely a coincidence that suddenly there is talk of selling the company as it approaches year-end? Maybe…or maybe not.

Learn more about Emerald Holding, Inc. by visiting emeraldx.com.