CBIZ Inc. (NYSE: CBZ) failed to attract competing offers following its $5 billion merger agreement with Grant Thornton Advisors LLC.
Financial advisor Goldman Sachs contacted 24 potential buyers during a go-shop period that ended in late August. Zero alternative bidders emerged during the search for a superior proposal.
The lack of rival interest solidifies the planned acquisition at $55 per share. William Blair downgraded CBIZ stock to hold following the unsuccessful bidding process.
The investment firm cited a materially lower probability of a superior offer appearing before the shareholder vote. The cash transaction was originally announced in July.
The deal is scheduled to close in the fourth quarter of 2026. It remains subject to shareholder and regulatory approvals.
The merger will create the fifth-largest professional services and advisory provider in the United States.