Entrust, a company engaged in securing digital identities and information, announced at the Company’s Special Meeting of Stockholders , the required supermajority of Entrust stockholders voted to approve the amended merger agreement with an affiliate of Thoma Bravo, LLC, and the transaction has been completed.
Under the terms of the agreement, Entrust stockholders are entitled to receive USD2.00 in cash for each share of Entrust common stock that they hold, without interest and less any applicable withholding taxes. Letters of transmittal allowing Entrust stockholders of record to deliver their shares to the paying agent in exchange for payment of the merger consideration will be distributed shortly after the closing. Stockholders who hold shares through a bank or broker will not have to take any action to have their shares converted into cash, as such conversions will be handled by the bank or broker.
With the closing of the transaction, Entrust stock will cease to trade on the NASDAQ at market close today and will be delisted. Barclays Capital is acting as financial advisor to Entrust and Wilson Sonsini Goodrich & Rosati, Professional Corporation is acting as Entrust’s legal advisor.
“We are very pleased with the outcome of today’s stockholder vote,” says Michael McGrath, chairman of the Board of Directors of Entrust. “We believe that the transaction with Thoma Bravo provides stockholders immediate, certain and premium value and is in the best interest of all Entrust stockholders. On behalf of Entrust’s Board, I thank our stockholders, customers and hard-working, dedicated employees for their support throughout this process. We look forward to working with Thoma Bravo and expect a smooth transition.”
“This is an important milestone for Entrust and we are excited about this transaction. We look forward to working with Entrust’s talented employees and experienced management team to ensure a seamless transition process. We are confident that together we can secure a strong future for Entrust, advancing the Company’s long-term business goals and driving additional growth opportunities for the Company, its employees and customers,” says Scott Crabill, managing partner of Thoma Bravo.
L.D.