Vacasa has accepted a revised proposal from Casago to purchase the company for an increased price of $5.30 a share.

Casago initially offered $5.02 a share in a deal announced in December. The Arizona-based company, which was founded in 2001, manages nearly 5,000 properties in 72 cities in the United States, Mexico, Costa Rica and the Caribbean, compared to Vacasa’s 38,000 properties.

The news follows an increased offer made last week from shareholder Davidson Kempner to $5.75 a share, up from a proposed $5.25 a share it made for the vacation rental property management company in early February. 

At that time, Davidson Kempner said in a letter to the special committee of Vacasa’s board that its offer was better value for shareholders and could be completed more quickly than the original Casago offer.

However, the special committee does not view the Davidson Kempner offer as “a superior proposal” or an offer that could be expected to result in a “superior proposal,” Vacasa said in a statement.

Vacasa’s shares rose 3% on the renewed Casago offer and the company said it expects the deal to close by the end of next month.

Filing its full-year 2024 results last week, Vacasa noted a decline in headcount from 6,400 in 2023 to 4,300 at the end of last year. It also said its direct booking share had declined from 40% in 2023 to 30% in 2024.

The company sold five million nights last year, down almost 19% year over year. Gross booking value of almost $1.9 billion represented a 19.6% decline on 2023. 

The deal with Casago will take Vacasa private more than three years after it went public via a special purpose acquisition company.