US private equity firm Thoma Bravo has increased its offer price to acquire enterprise software firm Everbridge by $6.40 per share in cash, giving the business a value of about $1.8bn, according to a report by Reuters.
The new offer will result in Everbridge’s shareholders receiving $35 per share held, representing a 47% premium; Thoma Bravo’s previous $28.60 bid represented a 20% premium. After the deal closes, Everbridge is expected to go private in Q2 2024 and will continue to operate under the same name and brand.
The company’s shares rose more than 24% premarket to $35.15.
The previous merger agreement announced last month included a ‘go-shop’ period during which Everbridge’s board could initiate and solicit other proposals.
The report quotes David Henshall, Chairman of Everbridge’s board, as saying: “We’re pleased to have negotiated an even higher price for our shareholders.”
Everbridge was founded in 2002 and “empowers organisations to anticipate, mitigate, respond to, and ultimately emerge stronger from critical events with the industry’s only end-to-end critical event management platform”, according to its website.
Qatalyst Partners is serving as financial advisor and Cooley as legal counsel to Everbridge. Kirkland & Ellis is serving as legal counsel to Thoma Bravo.
