Websense, Inc. (WBSN), a provider of Web, email, and data security solutions, said it would be acquired by Vista Equity Partners in a deal valued at about $1 billion. Upon closing, Websense will become a privately held company, with senior management expected to continue with the company and headquarters to remain in San Diego.
As per agreement terms, Websense stockholders will receive $24.75 in cash for each share of Websense common stock they hold, representing a premium of about 29 percent over Websense's closing price on May 17, and a 53 percent premium to Websense's average closing price over the past 60 days.
The Websense board unanimously recommends that the company's stockholders tender their shares in the tender offer.
As per the deal terms, an affiliate of Vista will begin a tender offer for all of the outstanding shares of the Websense common stock. The closing of the deal is subject to, among other things, anti-trust approval, receipt of funding under the financing agreements and other customary closing conditions.
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