Entrust (ENTU) Enters Into Amendment to Merger Agreement with Thoma Bravo
Entrust (Nasdaq: ENTU) today announced it has entered into an amendment to its merger agreement with an affiliate of Thoma Bravo, LLC. Under the terms of the amended merger agreement, an affiliate of Thoma Bravo will acquire all of the outstanding shares of Entrust common stock for $2.00 per share in cash, in a transaction valued at approximately $124 million. This is an increase of over 8% over the $1.85 per share cash purchase price contemplated by the parties' original merger agreement previously announced on April 13, 2009. Entrust's Board of Directors unanimously approved the amended merger agreement, with one director abstaining.
The increased purchase price represents a premium of over 32% over Entrust's average closing price of $1.51 per share during the 30 trading days ending April 9, 2009, the last trading day prior to the announcement of the original merger agreement, and a premium of approximately 36% over Entrust's average closing price of $1.47 per share during the 90 trading days ending April 9, 2009.
The increased purchase price represents a premium of over 32% over Entrust's average closing price of $1.51 per share during the 30 trading days ending April 9, 2009, the last trading day prior to the announcement of the original merger agreement, and a premium of approximately 36% over Entrust's average closing price of $1.47 per share during the 90 trading days ending April 9, 2009.
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