Court gives Magnet Forensics approval for Thoma Bravo deal
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Hey there, time traveller!
This article was published 28/03/2023 (972 days ago), so information in it may no longer be current.
Magnet Forensics Inc. says a court has granted it a final order allowing Thoma Bravo’s $1.8-billion takeover of the cybersecurity company to move forward.
Waterloo, Ont.-based Magnet says the Ontario Superior Court of Justice’s approval means the deal is now expected to close around April 6.
When the deal closes, Magnet’s subordinate voting shares will be delisted from the Toronto Stock Exchange.
The court approval comes despite shareholder Nellore Capital Management LLC disagreeing with Thoma Bravo’s valuation of Magnet and threatening court action if better terms could not be reached.
Nellore founder and portfolio manager Sakya Duvvuru did not respond to a request for comment.
Nellore, which holds 11 per cent of Magnet’s subordinate shares, has argued the shares are worth more than the $44.25 in cash most holders will receive. Rolling shareholders will receive $39 per share.
This report by The Canadian Press was first published March 28, 2023.
Companies in this story: (TSX:MAGT)