Overland Storage, Inc.NASDAQ
May 15, 2014, 7:09 PM
- 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.
Nov. 4, 2013, 9:41 AM
- Overland Storage (OVRL +8.9%) acquires German data storage/protection solutions provider Tandberg Data in an all-equity deal. Tandberg shareholders will own 54% of the combined entity. The deal is expected to close in Dec.
- Tandberg generated TTM revenue of $60M; the combined company will have annual revenue of more than $100M. A senior VP of Tandberg noted, "Partners look at the viability of a company; and $100M sounds a lot more viable than $40 million or $50 million."
- The acquisition will add Tandberg's reach in Germany, Japan, and France, as well as its manufacturing facility in China, to Overland's footprint. The combined entity will have over 16K channel and service partners.