Bazaarvoice (BV) Agrees to Buy PowerReviews; Offers Prelim. Q1 Results, Guides Q2, FY13
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Bazaarvoice, Inc. (Nasdaq: BV) today announced it has entered into a definitive agreement to acquire privately-held PowerReviews, Inc. Under the terms of the agreement, Bazaarvoice will pay up to approximately $31.0 million in cash, issue up to approximately 6.4 million shares of common stock and assume vested and unvested options to purchase the common stock of PowerReviews equivalent to 1.6 million options to purchase the common stock of Bazaarvoice. At the closing share price on May 23, 2012, the value of the transaction is approximately $151.9 million, including the assumption of vested and unvested options but excluding the potential cash proceeds that may arise from the exercise of these assumed options. The transaction will be financed with cash on hand and is expected to close during the first fiscal quarter ending July 31, 2012 subject to customary closing conditions.
The company also announced preliminary Q4 sales of $31-$31.5 million, which compares to the Street estimate of $28.3 million. Bazaarvoice is looking for Q1 sales of $32.5-$33 million and FY13 sales of $137-$139 million. The Street is looking for Q1 and FY13 sales of $29.81 million and $131.3 million, respectively.
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The company also announced preliminary Q4 sales of $31-$31.5 million, which compares to the Street estimate of $28.3 million. Bazaarvoice is looking for Q1 sales of $32.5-$33 million and FY13 sales of $137-$139 million. The Street is looking for Q1 and FY13 sales of $29.81 million and $131.3 million, respectively.
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