Thoma Bravo lifts offer price for software firm Everbridge (updated)

Everbridge

01/03/2024 11:42

(Adds details from release in paragraphs 2, 4, 7 and 8,
chairman comment in paragraph 5 and background in paragraph 6)
       March 1 (Reuters) - U.S. private equity firm Thoma Bravo
has increased its offer price for Everbridge  EVBG.O  by $6.40
per share in cash, the companies said on Friday, valuing the
software firm at about $1.8 billion.
    Under the new offer, Everbridge shareholders will get $35
per share held, representing a 47% premium to the stock's last
close before the initial deal announcement. Thoma Bravo's
previous bid of $28.60 implied a 20% premium.    
    Everbridge's shares rose more than 24% premarket to $35.15.
    The original merger agreement announced in February included
a "go-shop" period in which the Everbridge board could initiate
and solicit other proposals. 
    "We're pleased to have negotiated an even higher price for
our shareholders," said David Henshall, chairman and lead
independent director of Everbridge's board.
    The company, founded in the aftermath of the 9/11 attacks in
the U.S., helps businesses and governments anticipate, mitigate,
respond to, and recover from critical events.
    The software company will go private after the deal closes,
expected in the second quarter, and continue to operate under
the Everbridge name and brand.
    Qatalyst Partners is serving as financial advisor to
Everbridge and Cooley LLP as legal counsel, while Kirkland &
Ellis LLP is legal counsel for Thoma Bravo.
    
    

 (Reporting by Samrhitha Arunasalam in Bengaluru; Editing by
Devika Syamnath)
 ((Samrhitha.A@thomsonreuters.com))