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Thoma Bravo ups bid for Entrust to $2 per share; vote set for July 28
By Lisa Kerner
Charlotte, N.C., July 10 - An affiliate of Thoma Bravo, LLC amended its merger agreement with Entrust, Inc., increasing the per-share price for Entrust by more than 8% to $2.00 per share in cash, from $1.85, and raising the termination fee to $2 million.
The transaction is now valued at approximately $124 million, according to an Entrust news release.
"A special committee of the board, together with an independent financial advisor, undertook a comprehensive 'go-shop' process to actively solicit other interest in acquiring the company, which did not result in a more compelling transaction for the company's stockholders," Entrust chairman Michael McGrath said in a company news release.
"We are confident that the transaction with Thoma Bravo, as amended, achieves the highest attainable value for our stockholders," McGrath said.
Thoma Bravo said the revised offer represents its best and final offer.
According to Entrust, Thoma Bravo will terminate the agreement if Entrust shareholders fail to approve it at their special meeting on July 28.
Entrust's board recommends that shareholders vote in favor of the deal.
As previously reported, Glass, Lewis & Co. and Proxy Governance, Inc. also recommended that Entrust shareholders approve the transaction, which is expected to close in the third quarter of 2009.
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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