Anaplan drops after Thoma Bravo deal price revised down to $63.75/share; SailPoint falls in sympathy

Jun. 06, 2022 8:20 AM ETAnaplan, Inc. (PLAN), SAILBy: Joshua Fineman, SA News Editor3 Comments

Anaplan headquarters in SOMA district

Sundry Photography/iStock Editorial via Getty Images

Anaplan (NYSE:PLAN) fell 3.8% in premarket trading after private equity firm Thoma Bravo revised its takeover price down to $63.75/share from $66 in cash.

Thoma Bravo and Anaplan agreed to amend the deal to resolve a disagreement between the parties regarding compliance with certain terms of the merger agreement, according to a statement.

SailPoint Technologies (NYSE:SAIL), which Thoma Bravo agreed to buy for $65.25/share in April, fell 4.7% in premarket trading. Representatives for SAIL and Thoma Bravo didn't immediately return Seeking Alpha email requests for comment on their transaction.

Thoma Bravo asserted that the matters could have resulted in certain closing conditions not being satisfied, according to the statement. Anaplan’s position is that it acted at all times in good faith in compliance with the merger agreement and that Thoma Bravo remained at all times obligated to close the original merger agreement according to its original terms.

Thoma Bravo originally agreed to buy business planning software company Anaplan (PLAN) in March for $10.7 billion, or $66/share. The parties on Monday said they continue to expect the transaction to close by June 30. Anaplan holders are scheduled to vote on the acquisition on Thursday.

"Anaplan’s Board also believes the terms of the amended merger agreement continue to represent a meaningful premium over the price of Anaplan’s common stock prior to the execution of the merger agreement with Thoma Bravo," according to the statement.

On Thursday, Anaplan (PLAN) confirmed that the HSR waiting period for its planned sale to Thoma Bravo expired about a month ago and said it expects the deal to close this month, according to a 10-Q filing.

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