BEN Merger Sub, Inc. and BEN Holdings, Inc., corporations owned by funds advised by global private equity firm, Apax Partners, Friday said it successfully completed the merger of BEN Merger Sub with and into Bankrate (RATE), with Bankrate surviving. The corporations were formed for the purpose of acquiring Bankrate, Inc. with the transaction valued at nearly $571 million. Bankrate common stock will no longer be listed in the Nasdaq as it will stop trading at close of market on September 25, 2009.
Earlier on July 22, 2009, Bankrate had announced the signing of a definitive agreement with Apax Partners to be acquired and taken private by funds advised by Apax Partners. The deal provides Bankrate shareholders $28.50 per share payable net to the holder in cash, without interest and less any applicable holding taxes.
The company indicated Apax Partners as a global private equity firm with over $35 billion in funds under advice and significant expertise in financial services and media.
At the time of the merger, all the outstanding shares of Bankrate's common stock not validly tendered and accepted for payment in the tender offer were converted, subject to appraisal rights, into the right to receive $28.50 per share payable net to the holder in cash, without interest and less any applicable holding taxes - the same price paid in the tender offer.
RATE is currently trading at $28.50, up $0.01 or 0.04%, on a volume of 0.288 million shares on the Nasdaq.
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