While Institutional Shareholder Services endorses the deal, Glass Lewis says the opposite
A controversial takeover of one of the jewels of Canada’s technology sector has caused a rift among shareholders. Now, the two leading independent proxy advisory firms - whose opinions often influence shareholder votes - have issued conflicting recommendations regarding the proposed $1.8-billion buyout of Magnet Forensics Inc. by U.S. private equity giant Thoma Bravo LP.
The deal, which goes to a shareholder vote March 23, requires majority support from both classes of investors – multiple and subordinate voting. The three multiple voting shareholders – chief executive officer Adam Belsher, chief technology officer Jad Saliba and chair Jim Balsillie – support the deal.
Nellore has complained the offer to subordinate voting shareholders, which amounted to a 15-per-cent premium over its last prior trading price, is too low. It would prefer either a much higher price or that Thoma Bravo roll Grayshift into Magnet in exchange for stock in a still-public company.
The company, whose executive suite is stocked with BlackBerry Ltd. alumni, has consistently beaten analyst estimates and its own internal projections, including last week,fourth quarter revenue of $31-million – up 45 per cent year over year – and $9.5-million in adjusted operating earnings, more than double the amount in the same period a year ago.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Magnet Forensics takeover endorsed by ISS, delivering second blow to deal opponentSilicon Valley hedge fund Nellore Capital Management is trying to rally fellow investors against the proposed deal by private equity giant Thoma Bravo
Read more »
Oscars 2023: Michelle Yeoh Says She ‘Kung Fu’d’ Glass CeilingMichelle Yeoh is proudly making history at the 2023 Oscars. The 60-year-old Malaysia-born actress became the first Asian woman ever to win the award for Best Actress at the 2023 Oscars on Sunday for her performance in 'Everything Everywhere All at Once'. 'This is actually a historical moment, and I have to thank the Academy…
Read more »
Rental of the Week: $7,800 for a North York detached with four bedrooms, five bathrooms and one big backyardThe 2,000-square-foot property also comes with a glass staircase, quartz all over and a basement rec room with 11-foot ceilings
Read more »
Do-not-eat listing draws lawsuit from Maine lobster industryPORTLAND, Maine (AP) — A coalition representing the Maine lobster industry is suing an aquarium on the other side of the country for recommending that seafood…
Read more »
HBO’s ‘The Last of Us’ season finale draws in a series high'The Last of Us” fans set another rating record for the season one finale of the apocalyptic, mushroom-infected zombie video game adaptation. Despite airing against the Oscars Sunday night, HBO said the season finale drew in 8.2 million viewers.
Read more »
King Charles III draws on mother's inspiration for his first Commonwealth Day as headKing Charles drew on his mother's inspiration on Monday as he celebrated his first Commonwealth Day as symbolic head of the grouping with a service at London's Westminster Abbey, joined by other senior members of the British royal family.
Read more »