logo
Plus   Neg
Share
Email

Web.com Group Agrees To Be Acquired By Siris Capital In $2 Bln Deal

Web.com Group Inc. (WEB) said that it agreed to be acquired by an affiliate of Siris Capital Group, LLC in an all-cash transaction valued at about $2 billion.

As per the terms of the agreement, which has been unanimously approved by the members of Web.com's board of directors, an affiliate of Siris will acquire all of the outstanding common stock of Web.com for $25.00 per share in cash. The purchase price represents a 30% premium over Web.com's 90-day volume-weighted average price ended on June 19, 2018.

Web.com may solicit alternative acquisition proposals from third parties during a "go-shop" period from the date of the agreement until August 5, 2018. There is no guarantee that this process will result in a superior proposal, and the agreement provides Siris with a customary right to match a superior proposal.

Web.com does not intend to disclose developments with respect to the solicitation process unless and until the company determines such disclosure is appropriate.

The proposed transaction is expected to close in the fourth quarter of 2018 and is subject to approval by Web.com's shareholders, along with the satisfaction of customary closing conditions and antitrust regulatory approvals, as necessary.

The transaction is not subject to any financing condition. Upon completion of the acquisition, Web.com will become wholly owned by an affiliate of Siris.

In the Thursday's pre-market trade, WEB is trading at $25.10, up $1.90 or 8.19%.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The U.S. Food and Drug Administration or FDA announced on its website that pharma major Pfizer, Inc. issued recall of two lots of tablets meant to treat acute migraine in adults for concerns over bacteria infection. The pharma company is recalling two lots of Relpax (eletriptan hydrobromide) 40 mg tablets for potential presence of Genus Pseudomonas and Burkholderia bacteria. Cosmetics company Revlon Inc. (REV) is reportedly considering a potential sale of parts or all of its business. According to Bloomberg, Revlon has retained financial advisers from Goldman Sachs Group Inc. to explore strategic alternatives. No deal has been reached yet, but Revlon is exploring all... China's Lenovo Group Ltd. warned it may have to raise prices of its products if the U.S. moves ahead with the decision to impose additional tariffs on Chinese goods, according to a report by Reuters. The warning by Lenovo, the world's largest PC maker, comes amid the escalating trade war between the U.S. and China that has raised concerns about the global economic outlook.
Follow RTT