Emerald Holding Inc. (NYSE:EEX) surges 39.83% as strategic review follows acquisition inquiries

Emerald Holding Inc. (NYSE:EEX) surged 39.83% in pre-market trading on Dec. 17, 2025, as investors reacted to the company’s announcement of a strategic review following multiple acquisition inquiries.

The B2B event organizer disclosed it has retained Goldman Sachs & Co. LLC as a financial advisor to evaluate potential strategic options. CEO Hervé Sedky emphasized the inquiries reflect “market recognition of the value we’ve created,” though the board noted no transaction is guaranteed. The company reaffirmed its 2025 guidance, projecting $460–$465 million in revenue and $122.5–$127.5 million in Adjusted EBITDA, alongside positive momentum into 2026.

Emerald’s shares have fallen over 24% in the past six months, with analysts suggesting potential undervaluation. The strategic review follows mixed Q3 2025 earnings, where the company missed EPS estimates but exceeded revenue forecasts. Shareholders remain focused on the board’s evaluation of long-term value, with updates expected only upon reaching a definitive agreement or concluding the process.

Investors are closely watching how the strategic review will influence the stock’s long-term trajectory, particularly as the firm maintains strong revenue guidance amid a challenging market environment. Analysts suggest the board has a window of opportunity to maximize value, given the broader market's current appetite for strategic consolidations in the event and professional services sector.

With no immediate transaction expected, Emerald continues to position itself as a leader in the B2B events space, leveraging its global network and digital transformation initiatives. As the market awaits further developments, the company's strategic clarity and execution of its long-term vision will remain key focus areas for stakeholders.