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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%.

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