LogMeIn (LOGM) Announces Early Termination of HSR Waiting Period for Citrix (CTXS) Merger
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LogMeIn, Inc. (Nasdaq: LOGM) today announced the early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act (HSR Act) for its proposed merger with Citrix Systems, Inc.’s (Nasdaq: CTXS) GetGo subsidiary, a wholly owned subsidiary consisting of Citrix’s GoTo family of products.
Termination of the HSR Act waiting period satisfies one of the conditions to the closing of the transaction. The transaction, which is expected to close in Q1 2017, remains subject to other closing conditions, including shareholder approval and other regulatory approvals.
As previously announced on July 26, 2016, LogMeIn and Citrix entered into a definitive merger agreement for LogMeIn to combine with Citrix’s GoTo business in a Reverse Morris Trust transaction. The transaction is valued at approximately $1.8 billion based on shares to be issued and LogMeIn’s closing price of $65.31 as of July 25, 2016. The transaction, which has been unanimously approved by the Boards of Directors of Citrix and LogMeIn, is expected to be tax-free to Citrix and its shareholders for U.S. federal income tax purposes. The combined company is expected to have annual revenues in excess of $1 billion with more than two million customers in virtually every country around the globe.
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