Entrust ends 'go-shop' period, postpones special meeting to July 10

By Lisa Kerner

Charlotte, N.C., June 5 - Entrust, Inc. said none of the three non-binding indications of interest it received during its "go-shop" period resulted in a superior proposal under its merger agreement with HAC Holdings, Inc., a Thoma Bravo, LLC affiliate.

The Entrust board of directors reaffirmed its view that the merger with HAC is in the best interest of Entrust shareholders.

Shareholders are urged by the board to vote in favor of the deal at the Entrust meeting now scheduled for July 10.

While the meeting was postponed from June 8, Entrust said the record date for the meeting remains May 11.

In April Entrust announced it agreed to be acquired by an affiliate of Thoma Bravo for $1.85 per share. The transaction has a total equity value of $114 million.

As previously reported, termination rights are provided for both companies under the agreement. Entrust would be required to pay a termination fee of $2.29 million or $4.58 million, depending on the timing and circumstances of the termination.

Entrust's software and associated services let businesses and governments conduct transactions over wired and wireless networks, including the internet. The company is located in Addison, Texas.

Thoma Bravo is a private equity investment firm with offices in Chicago and San Francisco.

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