By Lisa Kerner
Charlotte, N.C., March 22 - Vertrue Inc. entered into a definitive agreement to be acquired by members of the company's management and an investor group including One Equity Partners, Oak Investment Partners and Rho Ventures for $48.50 per share in a transaction valued at about $800 million.
The per-share price is a 21% premium to the stock price of $40.12 per share on Jan. 23, the day prior to speculation about Vertrue's possible sale.
Vertrue's special committee and its board of directors approved the merger agreement and recommend that its stockholders do the same.
The transaction is expected to be completed in the first fiscal quarter of 2008, which ends on Sept. 30, 2007.
Gary Johnson will remain in his role as Vertrue's chief executive officer.
Equity for the transaction will be provided by One Equity Partners, Oak Investment Partners, Rho Ventures and members of management. Debt financing will be provided by Lehman Brothers and JPMorgan, according to the release.
Vertrue is an Internet direct marketing services company located in Norwalk, Conn.
| Acquirer: | Vertrue management, One Equity Partners, Oak Investment Partners and Rho Ventures
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| Target: | Vertrue Inc.
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| Transaction value: | $800 million
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| Payment per share: | $48.50
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| Announcement date: | March 22
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| Expected closing: | First fiscal quarter of 2008 ending Sept. 30, 2007
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| Stock price for target: | Nasdaq: VTRU; $47.58 on March 21
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