Seeking Alpha

Overland +31.4% AH on merger announcement with Sphere 3D

Canadian app virtualization software vendor Sphere 3D (SPIHF) is merging with Overland Storage (OVRL) in an all-stock deal. Sphere, which trades in Toronto, will issue 0.51 shares of its stock for each share of Overland - at current levels, that implies a valuation of $81.1M, or $4.43/share, for Overland.

The deal is expected to close in Q3, and features a $3.5M termination fee. Overland will own 28.8% of the merged company.

Overland CEO Eric Kelly is already Sphere 3D's chairman; he "recused himself from casting any vote" for the deal.

Overland is trading at $3.93 AH.

Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs