SonicWALL announced yesterday that it has agreed to be acquired by a private investor group.
The company has entered into a definitive agreement to be acquired by an investor group led by Thoma Bravo, LLC in a transaction valued at approximately $717 million. The SonicWALL Board of Directors unanimously approved the agreement and recommends that the Company’s shareholders approve the transaction.
Under the terms of the agreement, SonicWALL shareholders will receive $11.50 in cash for each share of SonicWALL common stock they hold, representing a premium of approximately 28% over the Company’s most recent closing price, and approximately a 63% premium over the Company’s enterprise value. SonicWALL stock closed yesterday at $8.99.
The investor group is led by Thoma Bravo, LLC and includes the Ontario Teachers’ Pension Plan (Teachers’) through its private investor department, Teachers’ Private Capital.
The transaction is not subject to a financing condition. SonicWALL expects the transaction to close in the Company’s fiscal quarter ending September 30, 2010, or early in the fiscal quarter ending December 31, 2010.