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Thoma Bravo lifts offer price for software firm Everbridge
Thoma Bravo lifts offer price for software firm Everbridge By Reuters
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Published Mar 01, 2024 06:10AM ET
Updated Mar 01, 2024 09:41AM ET
© Reuters.
(Reuters) -U.S. private equity firm Thoma Bravo has increased its offer price for Everbridge (NASDAQ:EVBG) by $6.40 per share in cash, the companies said on Friday, valuing the software firm at about $1.8 billion.
Under the new offer, Everbridge shareholders will get $35 per share held, representing a 47% premium to the stock’s last close before the initial deal announcement. Thoma Bravo’s previous bid of $28.60 implied a 20% premium.
Everbridge’s shares rose more than 24% premarket to $35.15.
The original merger agreement announced in February included a “go-shop” period in which the Everbridge board could initiate and solicit other proposals.
“We’re pleased to have negotiated an even higher price for our shareholders,” said David Henshall, chairman and lead independent director of Everbridge’s board.
The company, founded in the aftermath of the 9/11 attacks in the U.S., helps businesses and governments anticipate, mitigate, respond to, and recover from critical events.
The software company will go private after the deal closes, expected in the second quarter, and continue to operate under the Everbridge name and brand.
Qatalyst Partners is serving as financial advisor to Everbridge and Cooley LLP as legal counsel, while Kirkland & Ellis LLP is legal counsel for Thoma Bravo.
Thoma Bravo lifts offer price for software firm Everbridge
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