Apax Partners' $28.50-per-share tender offer for Bankrate ends Aug. 24

By Lisa Kerner

Charlotte, N.C., July 28 - Apax Partners subsidiaries Ben Merger Sub, Inc. and Ben Holdings, Inc. began a $28.50-per-share cash tender offer for all of the outstanding shares of Bankrate, Inc.

The offer, valued at approximately $570.8 million, will end at midnight ET on Aug. 24 unless extended, an Apax news release said.

BEN Merger Sub will complete a second-step merger for any remaining Bankrate shares once the offer ends.

As previously reported, Bankrate's board of directors unanimously approved the transaction, which is expected to close at the end of the third quarter of 2009.

Bankrate, a North Palm Beach, Fla., online consumer banking and personal finance network, was advised by Allen & Co. LLC.

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