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Web.com Reports Amended Agreement To Be Acquired By Affiliate Of Siris Capital

Web.com Group, Inc. (WEB) announced an amended agreement with affiliates of Siris Capital Group, LLC to purchase all of the outstanding common stock of Web.com for $28 per share in cash through a merger. Upon completion of the acquisition, Web.com will become wholly owned by an affiliate of Siris.

In addition, the "go-shop" period provided for under the terms of the previously announced merger agreement between the company and affiliates of Siris Capital Group, LLC has expired. The company said it received an acquisition proposal from one financial bidder which the transaction committee of the board of directors, in consultation with the company's independent financial and legal advisors, determined in good faith was a superior proposal compared to the original merger agreement between the company and affiliates of Siris. Under the terms of the amended and restated merger agreement, the financial bidder may continue to work with the company and put in a topping bid.

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