Everbridge, Inc. (NASDAQ: EVBG) shares are currently exhibiting a notable upward trajectory on the US stock charts, surging by 18.70% to reach $28.24 as of the last check during current session. Everbridge’s stock value surged due to an imminent acquisition.
Everbridge (EVBG) officially announced its final agreement with Thoma Bravo, a distinguished software investment group, for a complete acquisition, involving a substantial all-cash transaction valued at approximately $1.5 billion. Focusing on public safety and operational resilience, and amid increasing global uncertainties, this strategic pivot is expected to expedite the company’s consistent expansion. Post the successful completion of this transaction, Everbridge will transition into a privately held entity.
Pursuant to the deal’s terms, Everbridge shareholders are set to receive $28.60 per share in cash, marking a noteworthy 32% premium over the volume-weighted average share price for the preceding ninety days. Established in the aftermath of the 9/11 attacks, Everbridge originated with the mission of ensuring security and enhancing organizational efficiency in emergency situations.
Mass notification, IT incident management, travel risk management, physical security information management, population alerting, and risk intelligence are all included in its range of Software-as-a-Service (“SaaS”) offerings. With a varied portfolio that serves over 6,500 clients in areas such as banking, manufacturing, retail, energy, transportation, and education, in addition to various levels of government, Everbridge has established itself as a dependable partner.
The proposed transaction, having received the nod from the Everbridge Board of Directors, is anticipated to conclude in the second calendar quarter of 2024, contingent upon customary closing conditions. These conditions encompass approval by Everbridge shareholders and obtaining the necessary regulatory approvals; notably, the transaction does not hinge on financing conditions.
A distinctive feature of the agreement is a 25-day “go-shop” period, terminating on February 29, 2024. During this window, the Everbridge Board and its advisors are empowered to actively seek alternative acquisition proposals from designated third parties. Subject to the terms and circumstances of the agreement, the Board shall have the right to terminate the merger agreement in favor of a better proposal.
