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.
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