[SCHEDULE 13D/A] Inspirato Incorporated SEC Filing
In this Amendment No. 2 to Schedule 13D, reporting persons Brent Handler and Bradley A. Handler update their prior filing regarding Class A common stock of Inspirato Incorporated (ISPO). The filing discloses that on September 4, 2025 the company received an unsolicited, non-binding all-cash proposal from Exclusive Investments, LLC to acquire Inspirato for $3.15 per share, implying about $39 million in aggregate value. The Reporting Persons state the Exclusive Proposal appears to offer a premium relative to the previously announced Proposed Merger with Buyerlink, Inc., and urge Inspirato's board and special committee to engage with Exclusive and fulfill fiduciary duties. The filing reiterates the Reporting Persons' continued concerns about the Proposed Merger and questions how Buyerlink was valued at $326 million compared with a public estimate of "somewhere over $100 million."
In questo Emendamento n. 2 al Modulo 13D, le persone che presentano la comunicazione, Brent Handler e Bradley A. Handler, aggiornano la loro precedente dichiarazione relativa alle azioni ordinarie di Classe A di Inspirato Incorporated (ISPO). Il documento rivela che il 4 settembre 2025 la societ脿 ha ricevuto una proposta non sollecitata, non vincolante e interamente in contanti da Exclusive Investments, LLC per acquisire Inspirato a 3,15$ per azione, implicando un valore aggregato di circa 39 milioni di dollari. I soggetti segnalanti affermano che la Proposta Exclusive sembra offrire un premio rispetto alla Fusione Proposta precedentemente annunciata con Buyerlink, Inc., e sollecitano il consiglio di amministrazione e il comitato speciale di Inspirato a negoziare con Exclusive e adempiere ai doveri fiduciari. Il deposito ribadisce le preoccupazioni persistenti dei soggetti segnalanti riguardo alla Fusione Proposta e mette in dubbio la valutazione di Buyerlink a 326 milioni rispetto a una stima pubblica di 鈥渜ualcosa oltre i 100 milioni鈥�.
En esta Enmienda n.潞 2 al Anexo 13D, las personas declarante Brent Handler y Bradley A. Handler actualizan su presentaci贸n previa respecto a las acciones ordinarias Clase A de Inspirato Incorporated (ISPO). La presentaci贸n revela que el 4 de septiembre de 2025 la compa帽铆a recibi贸 una propuesta no solicitada, no vinculante y en efectivo por parte de Exclusive Investments, LLC para adquirir Inspirato a 3,15$ por acci贸n, lo que implicar铆a un valor agregado de aproximadamente 39 millones de d贸lares. Las personas declarante indican que la Propuesta Exclusive parece ofrecer una prima respecto a la Fusi贸n Propuesta anunciada anteriormente con Buyerlink, Inc., y exhortan al consejo y al comit茅 especial de Inspirato a entablar conversaciones con Exclusive y cumplir con sus deberes fiduciarios. La presentaci贸n reitera las continuas inquietudes de los declarante sobre la Fusi贸n Propuesta y cuestiona c贸mo se valor贸 a Buyerlink en 326 millones frente a una estimaci贸n p煤blica de 鈥渁lgo m谩s de 100 millones鈥�.
氤� Schedule 13D鞐� 雽�頃� 靾橃爼靹� 鞝�2順胳棎靹� 氤搓碃鞚胳澑 Brent Handler鞕� Bradley A. Handler電� Inspirato Incorporated(ISPO)鞚� 韥措灅鞀� A 氤错喌欤检棎 甏�頃� 鞚挫爠 鞝滌稖靹滊ゼ 臧膘嫚頃╇媹雼�. 頃措嫻 鞝滌稖靹滌棎 霐半ゴ氅� 2025雲� 9鞗� 4鞚� 須岇偓電� Exclusive Investments, LLC搿滊秬韯� 欤茧嫻 3.15雼煬鞚� 鞝勳暋 順勱笀, 牍勱惮靻嶌爜路牍勳殧觳� 鞝滌晥鞚� 氚涭晞 Inspirato毳� 鞚胳垬頃橂牑 頄堨溂氅� 鞚措姅 齑� 鞎� 3,900毵� 雼煬鞚� 臧�旃橂ゼ 鞁滌偓頃滊嫟瓿� 氚濏様鞀惦媹雼�. 氤搓碃鞚鸽摛鞚� Exclusive 鞝滌晥鞚� 鞚挫爠鞐� 氚滍憸霅� Buyerlink, Inc.鞕�鞚� 鞝滌晥霅� 頃╇硲氤措嫟 頂勲Μ氙胳梽鞚� 鞝滉车頃橂姅 瓴冹溂搿� 氤挫澑雼り碃 毵愴晿氅�, Inspirato鞚� 鞚挫偓須岇檧 韸闺硠鞙勳洂須岅皜 Exclusive鞕� 甑愳劖頃橁碃 鞁犿儊 鞚橂毳� 雼ろ暊 瓴冹潉 齑夑惮頃╇媹雼�. 鞝滌稖靹滊姅 鞝滌晥霅� 頃╇硲鞐� 雽�頃� 氤搓碃鞚鸽摛鞚� 歆�靻嶌爜鞚� 鞖半牑毳� 氚橂车頃橁碃, Buyerlink臧� 瓿店皽鞝侅溂搿� 於旍爼霅� 鈥橃暯 1鞏� 雼煬 齑堦臣鈥欖棎 牍勴暣 鞏措柣瓴� 3鞏� 2,600毵� 雼煬搿� 韽夑皜霅橃棃電旍 鞚橂鞚� 鞝滉赴頃╇媹雼�.
Dans cet Amendement n掳2 au Schedule 13D, les personnes d茅clarante Brent Handler et Bradley A. Handler mettent 脿 jour leur d茅p么t ant茅rieur concernant les actions ordinaires de cat茅gorie A d'Inspirato Incorporated (ISPO). Le d茅p么t r茅v猫le que le 4 septembre 2025, la soci茅t茅 a re莽u une proposition non sollicit茅e, non contraignante et enti猫rement en num茅raire de la part d'Exclusive Investments, LLC visant 脿 acqu茅rir Inspirato 脿 3,15 $ par action, ce qui implique une valeur totale d'environ 39 millions de dollars. Les personnes d茅clarante indiquent que la Proposition Exclusive semble offrir une prime par rapport 脿 la Fusion Propos茅e pr茅c茅demment annonc茅e avec Buyerlink, Inc., et exhortent le conseil d'administration et le comit茅 sp茅cial d'Inspirato 脿 engager des discussions avec Exclusive et 脿 s'acquitter de leurs devoirs fiduciaires. Le d茅p么t r茅it猫re les pr茅occupations persistantes des d茅clarants au sujet de la Fusion Propos茅e et s'interroge sur la mani猫re dont Buyerlink a 茅t茅 valoris茅e 脿 326 millions par rapport 脿 une estimation publique de 芦 un peu plus de 100 millions 禄.
In diesem Nachtrag Nr. 2 zu Schedule 13D aktualisieren die meldenden Personen Brent Handler und Bradley A. Handler ihre fr眉here Meldung bez眉glich der Stammaktien der Klasse A von Inspirato Incorporated (ISPO). Die Meldung gibt an, dass das Unternehmen am 4. September 2025 ein unaufgefordertes, unverbindliches und vollst盲ndig in bar zahlbares 脺bernahmeangebot von Exclusive Investments, LLC erhalten hat, Inspirato f眉r 3,15 USD je Aktie zu erwerben, was einen aggregierten Wert von etwa 39 Millionen USD impliziert. Die meldenden Personen erkl盲ren, dass das Exclusive-Angebot offenbar eine Pr盲mie gegen眉ber der zuvor angek眉ndigten vorgeschlagenen Fusion mit Buyerlink, Inc. bietet, und fordern den Vorstand und das Sonderkomitee von Inspirato auf, Gespr盲che mit Exclusive aufzunehmen und ihre Treuepflichten zu erf眉llen. Die Meldung bekr盲ftigt die anhaltenden Bedenken der meldenden Personen hinsichtlich der vorgeschlagenen Fusion und stellt in Frage, wie Buyerlink mit 326 Millionen USD bewertet wurde, verglichen mit einer 枚ffentlichen Sch盲tzung von 鈥瀍twas 眉ber 100 Millionen鈥�.
- Exclusive all-cash proposal disclosed at $3.15 per share, implying approximately $39 million aggregate value
- Reporting persons publicly urged the board to engage with the bidder, which may help ensure a competitive process
- Reporting persons express concerns about the Proposed Merger with Buyerlink, indicating potential shareholder opposition
- Discrepancy highlighted in Buyerlink valuation (reported $326 million vs. public estimate of "somewhere over $100 million"), raising transparency questions
Insights
TL;DR: Significant bid emerges that may shift board deliberations; shareholders urge engagement to maximize cash value.
The filing conveys that a third party submitted a $3.15 per share all-cash, non-binding proposal, which the reporting holders view as superior to the pending Buyerlink transaction. From a governance perspective, the public push by substantial holders to compel board engagement is a common tactic to ensure fiduciary processes include better offers. The report cites an implied aggregate transaction value of approximately $39 million and contrasts Buyerlink's reported $326 million valuation with a public statement valuing Buyerlink at "somewhere over $100 million," raising questions about valuation transparency in the Proposed Merger.
TL;DR: An unsolicited $3.15/share cash proposal may force re-evaluation of the pending merger terms and process.
Materially, an all-cash $3.15 per share proposal provides a clear value reference point for the board and special committee. Although non-binding, it can change negotiation dynamics and trigger fiduciary re-assessment of the Buyerlink deal. The reporting persons' public critique of Buyerlink's valuation rationale signals potential shareholder resistance to the Proposed Merger unless the board tests alternative bids or justifies its valuation methods.
In questo Emendamento n. 2 al Modulo 13D, le persone che presentano la comunicazione, Brent Handler e Bradley A. Handler, aggiornano la loro precedente dichiarazione relativa alle azioni ordinarie di Classe A di Inspirato Incorporated (ISPO). Il documento rivela che il 4 settembre 2025 la societ脿 ha ricevuto una proposta non sollecitata, non vincolante e interamente in contanti da Exclusive Investments, LLC per acquisire Inspirato a 3,15$ per azione, implicando un valore aggregato di circa 39 milioni di dollari. I soggetti segnalanti affermano che la Proposta Exclusive sembra offrire un premio rispetto alla Fusione Proposta precedentemente annunciata con Buyerlink, Inc., e sollecitano il consiglio di amministrazione e il comitato speciale di Inspirato a negoziare con Exclusive e adempiere ai doveri fiduciari. Il deposito ribadisce le preoccupazioni persistenti dei soggetti segnalanti riguardo alla Fusione Proposta e mette in dubbio la valutazione di Buyerlink a 326 milioni rispetto a una stima pubblica di 鈥渜ualcosa oltre i 100 milioni鈥�.
En esta Enmienda n.潞 2 al Anexo 13D, las personas declarante Brent Handler y Bradley A. Handler actualizan su presentaci贸n previa respecto a las acciones ordinarias Clase A de Inspirato Incorporated (ISPO). La presentaci贸n revela que el 4 de septiembre de 2025 la compa帽铆a recibi贸 una propuesta no solicitada, no vinculante y en efectivo por parte de Exclusive Investments, LLC para adquirir Inspirato a 3,15$ por acci贸n, lo que implicar铆a un valor agregado de aproximadamente 39 millones de d贸lares. Las personas declarante indican que la Propuesta Exclusive parece ofrecer una prima respecto a la Fusi贸n Propuesta anunciada anteriormente con Buyerlink, Inc., y exhortan al consejo y al comit茅 especial de Inspirato a entablar conversaciones con Exclusive y cumplir con sus deberes fiduciarios. La presentaci贸n reitera las continuas inquietudes de los declarante sobre la Fusi贸n Propuesta y cuestiona c贸mo se valor贸 a Buyerlink en 326 millones frente a una estimaci贸n p煤blica de 鈥渁lgo m谩s de 100 millones鈥�.
氤� Schedule 13D鞐� 雽�頃� 靾橃爼靹� 鞝�2順胳棎靹� 氤搓碃鞚胳澑 Brent Handler鞕� Bradley A. Handler電� Inspirato Incorporated(ISPO)鞚� 韥措灅鞀� A 氤错喌欤检棎 甏�頃� 鞚挫爠 鞝滌稖靹滊ゼ 臧膘嫚頃╇媹雼�. 頃措嫻 鞝滌稖靹滌棎 霐半ゴ氅� 2025雲� 9鞗� 4鞚� 須岇偓電� Exclusive Investments, LLC搿滊秬韯� 欤茧嫻 3.15雼煬鞚� 鞝勳暋 順勱笀, 牍勱惮靻嶌爜路牍勳殧觳� 鞝滌晥鞚� 氚涭晞 Inspirato毳� 鞚胳垬頃橂牑 頄堨溂氅� 鞚措姅 齑� 鞎� 3,900毵� 雼煬鞚� 臧�旃橂ゼ 鞁滌偓頃滊嫟瓿� 氚濏様鞀惦媹雼�. 氤搓碃鞚鸽摛鞚� Exclusive 鞝滌晥鞚� 鞚挫爠鞐� 氚滍憸霅� Buyerlink, Inc.鞕�鞚� 鞝滌晥霅� 頃╇硲氤措嫟 頂勲Μ氙胳梽鞚� 鞝滉车頃橂姅 瓴冹溂搿� 氤挫澑雼り碃 毵愴晿氅�, Inspirato鞚� 鞚挫偓須岇檧 韸闺硠鞙勳洂須岅皜 Exclusive鞕� 甑愳劖頃橁碃 鞁犿儊 鞚橂毳� 雼ろ暊 瓴冹潉 齑夑惮頃╇媹雼�. 鞝滌稖靹滊姅 鞝滌晥霅� 頃╇硲鞐� 雽�頃� 氤搓碃鞚鸽摛鞚� 歆�靻嶌爜鞚� 鞖半牑毳� 氚橂车頃橁碃, Buyerlink臧� 瓿店皽鞝侅溂搿� 於旍爼霅� 鈥橃暯 1鞏� 雼煬 齑堦臣鈥欖棎 牍勴暣 鞏措柣瓴� 3鞏� 2,600毵� 雼煬搿� 韽夑皜霅橃棃電旍 鞚橂鞚� 鞝滉赴頃╇媹雼�.
Dans cet Amendement n掳2 au Schedule 13D, les personnes d茅clarante Brent Handler et Bradley A. Handler mettent 脿 jour leur d茅p么t ant茅rieur concernant les actions ordinaires de cat茅gorie A d'Inspirato Incorporated (ISPO). Le d茅p么t r茅v猫le que le 4 septembre 2025, la soci茅t茅 a re莽u une proposition non sollicit茅e, non contraignante et enti猫rement en num茅raire de la part d'Exclusive Investments, LLC visant 脿 acqu茅rir Inspirato 脿 3,15 $ par action, ce qui implique une valeur totale d'environ 39 millions de dollars. Les personnes d茅clarante indiquent que la Proposition Exclusive semble offrir une prime par rapport 脿 la Fusion Propos茅e pr茅c茅demment annonc茅e avec Buyerlink, Inc., et exhortent le conseil d'administration et le comit茅 sp茅cial d'Inspirato 脿 engager des discussions avec Exclusive et 脿 s'acquitter de leurs devoirs fiduciaires. Le d茅p么t r茅it猫re les pr茅occupations persistantes des d茅clarants au sujet de la Fusion Propos茅e et s'interroge sur la mani猫re dont Buyerlink a 茅t茅 valoris茅e 脿 326 millions par rapport 脿 une estimation publique de 芦 un peu plus de 100 millions 禄.
In diesem Nachtrag Nr. 2 zu Schedule 13D aktualisieren die meldenden Personen Brent Handler und Bradley A. Handler ihre fr眉here Meldung bez眉glich der Stammaktien der Klasse A von Inspirato Incorporated (ISPO). Die Meldung gibt an, dass das Unternehmen am 4. September 2025 ein unaufgefordertes, unverbindliches und vollst盲ndig in bar zahlbares 脺bernahmeangebot von Exclusive Investments, LLC erhalten hat, Inspirato f眉r 3,15 USD je Aktie zu erwerben, was einen aggregierten Wert von etwa 39 Millionen USD impliziert. Die meldenden Personen erkl盲ren, dass das Exclusive-Angebot offenbar eine Pr盲mie gegen眉ber der zuvor angek眉ndigten vorgeschlagenen Fusion mit Buyerlink, Inc. bietet, und fordern den Vorstand und das Sonderkomitee von Inspirato auf, Gespr盲che mit Exclusive aufzunehmen und ihre Treuepflichten zu erf眉llen. Die Meldung bekr盲ftigt die anhaltenden Bedenken der meldenden Personen hinsichtlich der vorgeschlagenen Fusion und stellt in Frage, wie Buyerlink mit 326 Millionen USD bewertet wurde, verglichen mit einer 枚ffentlichen Sch盲tzung von 鈥瀍twas 眉ber 100 Millionen鈥�.
FAQ
What price did Exclusive Investments offer for Inspirato (ISPO)?
Who filed this Schedule 13D/A and how many shares do they report?
What action are the reporting persons requesting from Inspirato's board?
What concerns do the reporting persons raise about the Proposed Merger with Buyerlink?
Is the Exclusive proposal binding?
