Vista will commence a tender offer to acquire all of Active Network’s common stock for $14.50 a share. That represents a 27.2% premium to Active Network’s Friday closing, the most recent trading day. Active’s board endorsed the offer, recommending that all stockholders tender their shares. This values the deal at $904 million. Any shares not tendered will be acquired in a second-step merger at the same cash price as the original offer.
“ACTIVE Network’s leadership position in cloud-based Activity and Participant Management™ (APM) solutions make it a highly attractive investment for us,” said Robert F. Smith, CEO and founder of Vista Equity Partners. “We are looking forward to working with the ACTIVE team and continuing to drive the next phase of ACTIVE’s growth.”
- Citi is serving as financial advisor to ACTIVE.
- BofA Merrill Lynch is serving as financial advisor to Vista.
- DLA Piper LLP (US) is acting as ACTIVE’s legal advisor.
- Kirkland & Ellis LLP is acting as Vista’s legal advisor.
- BofA Merrill Lynch, RBC Capital Markets, and BMO Capital Markets Corp. have agreed to provide debt financing in connection with the transaction.
ACTIVE Network plans to release its third quarter earnings after market close on Wednesday, October 30, 2013.
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