On Monday, Anaplan announced that private equity company Thoma Bravo reduced its buyout offer to $9.60 billion after the software developer agreed to settle a disagreement over compliance with merger conditions.
In premarket trade, the company’s shares, which have climbed over 44% this year, were down around 4%. After careful thought, the Anaplan board of directors decided to renegotiate the merger agreement to prevent the danger of prolonged litigation over the disagreement, according to a statement by the company.
As it turns out
Shareholders of Anaplan will now get $63.75 per share, up from the earlier offer of $66. The offer price is still 26% more than Anaplan’s closing price before the deal’s announcement in March. The transaction is scheduled to be completed by June 30.
Frank Calderoni, Chairman & Chief Executive Officer at Anaplan, said; “We believe Thoma Bravo continues to be the right partner for Anaplan, and we look forward to closing this transaction. We remain committed to delivering the best-in-class planning platform to solve our customer’s biggest digital transformation challenges. Thoma Bravo’s resources and insights will help scale Anaplan’s growth strategy. We believe this partnership will deliver significant benefits to Anaplan’s customers, partners and employees.”
Holden Spaht, a Managing Partner at Thoma Bravo, said; “We fully support the amended agreement and look forward to partnering with Anaplan as it helps enterprises transform how they see, plan, and run their businesses by delivering cloud-native SaaS solutions at scale.”
Anaplan’s Board additionally thinks that the modified merger agreement’s parameters continue to offer a significant premium over the price of Anaplan’s common shares before the merger agreement with Thoma Bravo’s execution.
Anaplan’s common stock will no longer be listed on the New York Stock Exchange when the deal is completed, and it will become a privately owned company.