The deal for Vista Equity Partners to acquire global event registration firm ACTIVE Network, is getting into gear. Vista’s acquisition of ACTIVE was originally announced on 30 September 2013. At that time ACTIVE and affiliates of Vista entered into a definitive merger agreement.
Vista affiliate Athlaction Merger Sub Inc has now commenced the previously-announced tender offer for all of the outstanding shares of ACTIVE common stock. This is at the previously stated price of US$14.50 per share, ‘net to the seller in cash without interest.’
The ACTIVE deal is ‘an all cash transaction valued at approximately $1.05 billion.’ According to a previous release from ACTIVE, the price of US$14.50 per share in cash represents ‘a premium of approximately 111% to ACTIVE’s year to date average closing stock price.’
After ‘careful consideration’, ACTIVE’s board of directors unanimously approved the merger agreement. Accordingly, the ACTIVE board has recommended that the company’s stockholders tender their shares in the tender offer.
A release from ACTIVE has summarised the next steps following this tender process…
Pursuant to the merger agreement, after completion of the tender offer and the satisfaction or waiver of certain conditions, the Company will merge with Athlaction Merger Sub, Inc., and all outstanding shares of the Company’s common stock… will be automatically… converted into the right to receive cash equal to the $14.50 offer price per share, without interest.
The tender offer and withdrawal rights are scheduled to expire at 12:00 midnight, New York City time, on 6 November 2013 (one minute after 11:59pm, New York City Time, on November 5, 2013). Upon the completion of the transaction, ACTIVE will become a privately held company.
www.activenetwork.com
www.vistaequitypartners.com
