Feb. 5, 2015, 9:33 AM
- Insight Venture Partners is acquiring E2open (NASDAQ:EOPN) for $273M, or $8.60/share, in cash. The price represents a 41% premium to E2open's Wednesday close.
- The deal is expected to close by the end of the first quarter of FY16, which ends in May. Activist Elliott Management will be providing "a minority portion of the equity."
- Shares have been halted. The WSJ reported last month E2open was on the block.
Jan. 16, 2015, 9:28 AM
- The WSJ reports E2open (NASDAQ:EOPN) is working with BofA to find a buyer.
- The report comes a week after shares cratered due to the weak FQ4 guidance provided with mixed FQ3 results, and a couple days after activist Altai Capital disclosed a 9.5% stake through a 13D.
- This morning, E2open announced the adoption of a one-year poison pill that "imposes a significant penalty upon any person or group that acquires 10% (or 20% in the case of institutional investors who report their holdings on Schedule 13G, as described in the Rights Plan) or more of E2open's common stock without the approval of the Board of Directors."
E2open Inc is a provider of cloud-based, on-demand software solutions delivered on an integrated platform that enables companies to collaborate with their trading partners to manage demand they cannot predict with supply they do not control.
Industry: Business Software & Services
Country: United States