Thoma Bravo ups Offer for Entrust, Shareholder Vote Postponed
|July 13th, 2009||
|On Friday, private equity firm Thoma Bravo raised its offer for information technology firm Entrust (NASDAQ: ENTU) by 8.1% to $124 Million in an effort to underline Thoma Bravo's "strong commitment to the transaction." |
According to the Wall Street Journal, in response to the new offer, the company decided to postpone the vote to approve the merger from July 10th to July 28th. On Friday, shares of Entrust went up 7.65% as investors cheered the revised offer.
Entrust shareholder Arnhold & S. Bleichroeder Advisers LLC announced in June that it opposed the merger and said that it would use “all of [its] eligible shares” to block a merger between Entrust and Thoma Bravo. Highlighting valuation, strategic, and governance concerns, Arnhold & S. Bleichroeder stated that the merger would be ineffectual. Arnhold & S. Bleichroeder, which holds a 5.2% stake in Entrust, has not publicly commented on the new merger proposal.
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