Ben Merger Sub and Ben Holdings, corporations owned by funds advised by Apax Partners and formed for the purpose of acquiring Bankrate, have completed the merger of Ben Merger Sub with and into Bankrate, with Bankrate surviving.
On 22 July 2009, Bankrate announced that it had entered into a definitive agreement to be acquired and taken private by funds advised by Apax Partners, a global private equity firm with over USD35bn in funds under advice.
The agreement called for Bankrate shareholders to receive USD28.50 per share payable net to the holder in cash, without interest and less any applicable holding taxes. The transaction is valued at approximately USD571m.
At the time of the merger, all outstanding shares of Bankrate’s common stock not validly tendered and accepted for payment in the tender offer were converted, subject to appraisal rights, into the right to receive USD28.50 per share payable net to the holder in cash, without interest and less any applicable holding taxes (the same price paid in the tender offer).
Bankrate common stock ceased trading on Nasdaq at market close on 25 September 2009 and will no longer be listed.
The Bankrate network of companies includes Bankrate.com, Interest.com, Mortgage-calc.com, Nationwide Card Services, Savingforcollege.com, Fee Disclosure, InsureMe, CreditCardGuide.com and Bankaholic.com. Each of these businesses helps consumers make informed decisions about their personal finance matters.