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Thoma Bravo Increases Offer Price For Majesco To $16/Shr

Majesco (MJCO) announced that it has signed amended definitive agreement to be acquired by Thoma Bravo, L.P. in a transaction valuing the company at $729 million.

Under amendment, Thoma Bravo will acquire all of Majesco's outstanding shares for $16.00 per share. Majesco expects the merger to close by the end of 2020.

The increased offer from Thoma Bravo and the amendment followed Majesco's receipt of an unsolicited acquisition proposal from an unaffiliated third party.

Following closing of transaction, Majesco will operate as a privately held company. The price represents a premium of approximately 113% over Majesco's average closing price of $7.52 during the 30-trading day period ended July 17, 2020.

Majesco's and Majesco Limited's Boards of Directors have unanimously approved the merger and recommend that their respective shareholders approve the merger.

Majesco Limited's promoter shareholders have entered into voting deal to vote in favor of a transaction with Thoma Bravo and against a competing transaction, which remains in place for a 7-month period following any termination of transaction documents.

Majesco will solicit written consents from its shareholders to approve the Merger Agreement and expects to distribute the consent solicitation statement in August 2020.

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