On October 6, Heidrick & Struggles announced it had agreed to be acquired and taken private by a consortium led by Advent International and Corvex for $1.3 billion (or $59 per share) in an all cash transaction. While another bidder could emerge, we expect the transaction to close in a timely manner without any meaningful hurdles. We maintain our 3Q:25 EPS estimate of $0.77, up from $0.72 in the prior year period led by revenue gains of 7.6%. Management provided 3Q:25 net revenue guidance of $295 million-$315 million (vs our $299.7 million estimate). We maintain our EPS estimates of $3.15 in 2025 and $3.29 in 2026. Our estimates imply annual EPS growth of 1.0% growth in 2025 and 4.4% in 2026. Our free cash flow per share estimates (excluding the add back of stock-based compensation expense) of $3.61 in 2025 and $3.67 in 2026. Our estimates imply respective FCF yields of 6.2% and 6.3%. Our $59 price target is consistent with the acquisition consideration. On a P/E-only basis, the $59 target implies a 17.9x multiple to our 2026 EPS estimate, which is approximately a 5% premium to both the average forward P/E multiple over the last decade of 17.1x and our five-year EPS CAGR forecast of 17%. The acquisition consideration, free cash flow and the attractive balance sheet supports both the multiple and our moderate risk rating, in our view.