kneat.com, inc. (KSI.TO,KSIOF), a digital validation and quality process automation company, Monday announced its definitive arrangement agreement to be acquired by Thoma Bravo, L.P., a privately held software-focused investment firm.
Under the deal terms, holders of Kneat shares other than any Rollover Shares will receive C$6.50 cash per share, representing an aggregate total equity value of approximately C$650 million. The deal price is on a fully diluted, in-the-money, treasury-stock-method basis and inclusive of Rollover Shares.
The planned sale follows a strategic review process by Kneat. Upon the deal closure, Kneat will become a privately held company.
The purchase price represents a premium of approximately 40% to the closing price of Kneat shares on the Toronto Stock Exchange on May 8, the last trading day prior to Kneat announcing the ongoing strategic review. It also represents a premium of around 20% to the closing price on June 5, the last trading day prior to the announcement of the transaction.
The Kneat Board unanimously recommends that shareholders vote in favour of the sale. The company intends to hold a special meeting by early August for shareholders to consider and vote in favor of the deal.
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