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.
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