Alternative Activist • 10 Comments
Dec. 16, 2015, 2:49 PM
- EVault provides cloud backup/recovery appliances and software to SMBs and small enterprises, as well as cloud-based disaster recovery services. Seagate (STX +0.8%) is selling the business to cloud backup/recovery service provider Carbonite (NASDAQ:CARB) for $14M in cash. The deal is expected to close in Q1.
- Carbonite: "Together with Carbonite's highly successful line of data protection and recovery products for small businesses and individuals, the company will now provide a full suite of solutions that are cost-effective, easy to use and meet the needs of all SMB ... EVault's proven technology ... enables us to round out our portfolio and immediately provide the features and functionality larger businesses require to support their complex environments."
- Carbonite has rallied following the news. Shares closed yesterday just $0.68 above a 52-week low of $8.40.
Apr. 16, 2015, 10:21 AM
- "After extensive discussions with interested parties, the interests expressed were unlikely to lead to an acquisition of the entire Company and did not present an attractive alternative to the Company's stand-alone plan," says Carbonite (NASDAQ:CARB). "As a result, the board of directors unanimously determined that it is in the best interest of Carbonite and its shareholders to continue its present strategic course..."
- Carbonite's decision comes 2 weeks after J2 Global stated it's only interested in buying Carbonite's endpoint protection service ops, and not the entire company.
- Overshadowed by the strategic review announcement: Carbonite now expects Q1 revenue to top a prior guidance range of $31.9M-$32.1M and EPS to beat prior guidance of -$0.07 to -$0.09; consensus is at $32M and -$0.08.
- Full-year revenue and EPS are expected to be "within or above" prior guidance ranges of $137M-$138M and $0.08-$0.10. Q1 results are due on April 28.
Apr. 2, 2015, 10:23 AM
- In a 13D filed today , J2 Global (JCOM +0.3%) states it's willing to start talks regarding an acquisition of Carbonite's (NASDAQ:CARB) endpoint protection service business, but is no longer interested in the rest of the company (integration difficulties are cited).
- J2, which owns a 9.3% stake, is also withdrawing its board slate for Carbonite's upcoming annual meeting. It still thinks Carbonite should pursue a "value maximizing transaction."
- J2 made a $15/share tender offer for Carbonite in December. Carbonite officially rejected it a couple weeks later.
Jan. 9, 2015, 5:48 PM
- Carbonite's (NASDAQ:CARB) board has "unanimously rejected" J2 Global's (NASDAQ:JCOM) $15/share tender offer (announced on Dec. 24), declaring it "substantially undervalues the company."
- Carbonite closed at $13.90 today, 7% below J2's offer price. Is the company simply playing hardball? Back in September, SA Pro author Alternative Activist noted activist Discovery Group (has a stake in Carbonite) has "helped push over 50% of its 53 targets toward an acquisition."
Dec. 24, 2014, 9:05 AM
- After years of takeover drama, j2 Global (NASDAQ:JCOM) has informed Carbonite (NASDAQ:CARB) of its intention to commence a cash tender offer to acquire all the outstanding shares of Carbonite at $15/share.
- Carbonite is flying on the news, up over 8% premarket.
- Previously: J2 offers to buy Carbonite (again) (Dec. 03 2014)
Nov. 6, 2012, 9:25 AM
Carbonite (CARB) +11.8% to $9 after disclosing J2 Global (JCOM) owns a 9.9% stake, and proposed to buy the entire company for $10.50/share. Carbonite, which went public at $10 last year, rejected the offer, but the stake suggests J2 could make another bid. Carbonite's cloud data backup services would complemented J2's hosted communications services.| Nov. 6, 2012, 9:25 AM