CBIZ Files Preliminary Proxy for $55/Share Grant Thornton Merger — Go-Shop Expires With No Superior Bid
CBZ has more than doubled off its 52-week low of $24.29.
Summary
CBIZ filed its preliminary proxy for the $55 per share all-cash acquisition by Grant Thornton Advisors. The go-shop period expired with no competing bid, and the filing details $5.2B in committed financing plus termination fees up to $198.4M.
Key Events · M&A and Partnerships · CBZ
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Go-Shop Expires With No Superior Bid
The 30-day go-shop period ended August 27, 2026. Goldman Sachs contacted 24 parties (18 financial sponsors, 6 strategic); 6 signed confidentiality agreements, 2 met with management, but no superior proposal emerged.
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Financing Package Fully Committed
Total funds needed estimated at $5.235B: $835M equity commitment from New Mountain Partners VII funds, plus debt facilities including $750M USD term loan, €500M Euro term loan, $200M revolver, $1.75B notes bridge, and $1.4B Holdco term facility.
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Termination Fee Structure
CBIZ pays $107.5M if it terminates for a superior proposal after the go-shop (or $49.6M during go-shop or with an Excluded Party). Grant Thornton pays $198.4M if it breaches or fails to close.
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HSR Waiting Period Expires September 10
CBIZ and Parent filed HSR notifications August 11, 2026. The waiting period is expected to expire at 11:59 p.m. Eastern Time on September 10, 2026, with closing anticipated in Q4 2026.
Analysis · CBZ · Trade & Services
The preliminary proxy statement formalizes the $55 per share all-cash acquisition by Grant Thornton Advisors, first announced July 29, 2026. A 30-day go-shop period expired August 27, 2026 with no superior proposal emerging from 24 parties contacted, strengthening deal certainty. The filing details the full financing package — $835M in equity commitments plus $4.4B in committed debt facilities — and the termination fee structure ($107.5M if CBIZ walks, $198.4M if Grant Thornton fails to close). Goldman Sachs delivered a fairness opinion supporting the price. The HSR waiting period expires September 10, 2026, with closing expected in Q4 2026. For shareholders, the key question is whether $55 represents fair value given the stock traded at $77.81 a year ago, though the board notes the public markets had not historically valued the company commensurate with its financial performance.
How filings like this one have moved
In the 30 days to Aug 27, 2026, 36.8% of the 3372 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was 0.00%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, CBZ was trading at $54.67 on NYSE in the Trade & Services sector, with a market capitalization of approximately $3B. The 52-week trading range was $24.29 to $66.22. This filing was assessed with neutral market sentiment and an importance score of 8 out of 10.