Getty Images Holdings Inc GETY Shares traded lower in Tuesday’s after-hours session after the company responded to Trillium Capital’s response takeover offer.

What you should know: On Monday, Trillium announced a non-binding offer Getty Images for $10 a share in cash, but cited a number of contingencies.

Contingencies included, but were not limited to, immediate board engagement, due diligence, satisfactory financing arrangements and a satisfactory purchase and sale agreement, completion of all regulatory matters and shareholder approval.

After closing time on Tuesday, Getty replied at the suggestion of Trillium.

“Trillium Capital LLC has not provided the Getty Images board of directors or its advisers with any evidence that it, its managing partner, or its non-binding, highly conditional offer has sufficient credibility to warrant engagement by the Getty Images board of directors,” said the company in a press release.

“Pending further details and proof of credibility from Trillium Capital LLC, the Getty Images Board of Directors believes the current management team and corporate strategy represent the best path forward to maximize long-term shareholder value.”

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GETY Price Promotion: Getty Images shares were down 5.85% to $5.95 at the time of publication Gasoline Pro.

This illustration was created using artificial intelligence via MidJourney.