BURLINGTON, Mass. - Everbridge Inc . (NASDAQ:EVBG), a company specializing in critical event management and public warning solutions, has agreed to an amended buyout offer from private equity firm Thoma Bravo. The new deal, announced today, raises the acquisition price to $35.00 per share in cash, a $6.40 increase per share over the initial proposal.
This revised offer values Everbridge at approximately $1.8 billion, which is a 62% premium on the company's 90-day volume-weighted average share price as of February 2, 2024. The adjustment follows a "go-shop" period where Everbridge sought alternative proposals, ultimately leading to Thoma Bravo enhancing its bid in response to a superior offer from a third party.
David Henshall, Chairman and Lead Independent Director of Everbridge, expressed satisfaction at the increased offer, highlighting it as a testament to the company's value and growth potential. The Everbridge Board of Directors has approved the transaction, which is anticipated to finalize in the second quarter of 2024, pending customary closing conditions, including Everbridge shareholder approval and regulatory clearances. The deal does not hinge on financing conditions.
Upon closure, Everbridge's common stock will be delisted from public exchanges, but the company will continue to operate under its current name and brand. Qatalyst Partners acts as financial advisor, with Cooley LLP providing legal counsel to Everbridge, while Kirkland & Ellis LLP serves as legal counsel to Thoma Bravo.
Everbridge, known for its critical event management technology, aids organizations in maintaining resilience amid uncertain global conditions. Thoma Bravo, with significant investments in software and technology sectors, manages assets worth approximately $134 billion as of September 30, 2023.
The proposed merger will see Everbridge filing relevant materials with the SEC, including a proxy statement for stockholder voting. Everbridge urges stockholders to read these materials thoroughly once available for any voting or investment decisions.
This agreement follows a period of consideration and negotiation, based on a press release statement, and is subject to change depending on regulatory and shareholder decisions.
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