Aug. 8 at 8:34 PM
$BLND
Per GROCK:
The combo of Haveli’s 150M investment, Brian Sheth’s board seat & Jason Ream’s CFO appt is arguably suspicious, as it suggests coordinated control.
Key points:
Strategic Control: Haveli’s 17.9–25% potential ownership (post-conversion) & board presence give leverage to steer Blend toward privatization, especially with Ream’s PE background.
Precedent: Haveli’s focus on control-oriented tech investments & Ream’s exp with PE-backed firms (SailPoint, SolarWinds) align with take-private strategies.
Market Signal: The stock’s 19.19% drop on 8/8/25, despite strong Q2 results & conservative Q3 guidance reflect investor concerns on dilution or a take-private at a modest premium, suppressing public market upside.
Estimated Take-Private Price Range:
$5.00–
$6.50/share (base case:
$5.75)
Rationale: Balances P/S valuation (
$6.58), Haveli’s investment terms (
$3.25–
$4.50), and a 40% prem over the current
$2.885 (
$4.04). The
$5.75 base case reflects Haveli’s strategic intent & Blend’s growth
