Websense Agrees to $24.75-a-Share Acquisition
Websense has agreed to be acquired by private equity investment firm Vista Equity Partners in a deal that values the company at $902.88 million, Websense announced today.
The deal offers Websense shareholders $24.75 per share, a 28.7% premium above Websense's May 17 closing price of $19.23. Based on the shares outstanding, the transaction values Websense at $902.88 million.
Vista Equity Partners specializes in companies focused on software, data, and technology. Websense protects organizations from cyber attacks and data theft. Under terms of the arrangement, the existing executive management team of Websense is expected to retain their positions, and will remain in the company's San Diego headquarters.
Websense Cairman of the Board John Carrington said in a statement that Vista's offer "provides [Websense] stockholders with immediate and substantial cash value that reflects our assessment of the fair value of the company." Vista Equity Partners CEO Robert Smith added, "We are impressed with Websense's market-leading product suite and the compelling value proposition it offers to its customers."
The transaction is subject to closing conditions, and Websense expects it will close before the end of the third quarter 2013.
The article Websense Agrees to $24.75-a-Share Acquisition originally appeared on Fool.com.
Fool contributor Tim Brugger has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.
