Imperva to Be Acquired by Thoma Bravo for $2.1 BillionBut two law firms are investigating whether the security vendor breached its fiduciary duty to shareholders by not actively seeking buyers offering a higher price.
Security vendor Imperva has announced an agreement to be acquired by private equity firm Thoma Bravo. Imperva will operate as a privately held company when the deal, valued at approximately $2.1 billion, closes at the end of 2018 or beginning of 2019.
Imperva shareholders will receive $55.75 per share in cash on closing. The purchase agreement allows for a 45-day "go-shop" period for Imperva, during which the company can look for a superior offer and enter into negotiations. The purchase is also subject to Imperva shareholder approval and regulatory review.
Shortly after the sale was announced, law firms Johnson Fistel and Rigrodsky & Long issued press releases stating that they have launched independent investigations into whether Imperva's board had breached its fiduciary duty to shareholders by not actively seeking buyers offering a higher price. As evidence for its investigation, Johnson Fistel stated that a Wall Street analyst has established a $65 per share target for the stock.
Qatalyst Partners is acting as Imperva's financial adviser in the transaction.
Read more details here, here, and here.
Black Hat Europe returns to London Dec 3-6 2018 with hands-on technical Trainings, cutting-edge Briefings, Arsenal open-source tool demonstrations, top-tier security solutions and service providers in the Business Hall. Click for information on the conference and to register.
Dark Reading's Quick Hits delivers a brief synopsis and summary of the significance of breaking news events. For more information from the original source of the news item, please follow the link provided in this article. View Full Bio