FOSTER CITY, Calif.,
March 26, 2015 /PRNewswire/
-- E2open, Inc. (NASDAQ: EOPN) ("E2open"), the leading
provider of cloud-based solutions for collaborative planning and
execution across global trading networks, today announced the
completion of its acquisition by Insight Venture Partners
("Insight"), a leading global private equity and venture capital
firm.
The acquisition was effected through the previously announced
all-cash tender offer by Eagle Acquisition Sub, Corp. ("Eagle"), an
affiliate of Insight, to acquire all of the issued and outstanding
shares of common stock and associated rights of E2open for
$8.60 per share, and the subsequent
merger of Eagle with and into E2open.
The tender offer expired at midnight New York City time, at the end of the day on
March 25, 2015. 24,395,446 shares of
E2open common stock (excluding shares delivered pursuant to
guaranteed delivery) were validly tendered in, and not withdrawn
from the tender offer, representing approximately 83.1% of E2open's
outstanding shares of common stock. Accordingly, the "Minimum
Condition" that a majority of E2open's outstanding shares of common
stock be validly tendered and not withdrawn was satisfied, and
Eagle subsequently accepted and paid for all such shares of E2open
common stock.
As a result of the merger, each share of E2open common stock
that is issued and outstanding and was not tendered in the tender
offer (other than certain shares, including those owned by
stockholders who validly exercised dissenters' rights under
Delaware law with respect thereto)
was cancelled and converted into the right to receive an amount in
cash equal to $8.60, the same price
that was paid in the tender offer.
Following the merger, E2open shares will cease to be traded on
the NASDAQ Global Market. Holders of E2open shares who did
not surrender their shares in the tender offer will receive a new
letter of transmittal to surrender their shares in exchange for the
merger consideration.
Willkie Farr & Gallagher LLP
served as legal counsel to Insight, and Wilson Sonsini Goodrich & Rosati,
Professional Corporation served as legal counsel to E2open.
About E2open
E2open (NASDAQ: EOPN) is the leading provider of cloud-based,
on-demand software solutions enabling enterprises to procure,
manufacture, sell, and distribute products more efficiently through
collaborative planning and execution across global trading
networks. Enterprises use E2open solutions to gain visibility into
and control over their trading networks through the real-time
information, integrated business processes, and advanced analytics
that E2open provides. E2open customers include Avnet, Celestica,
Cisco, HP, IBM, Lenovo, L'Oreal, Motorola Solutions, Seagate, and
Vodafone. E2open is headquartered in Foster City, California with operations
worldwide. For more information, visit www.e2open.com.
About Insight Venture Partners
Insight Venture Partners is a leading global venture capital and
private equity firm investing in high-growth technology and
software companies that are driving transformative change in their
industries. Founded in 1995, Insight has raised more than
$9 billion and invested in more than
200 companies worldwide. Our mission is to find, fund and work
successfully with visionary executives providing them with
practical, hands-on growth expertise to foster long-term success.
For more information on Insight and all of its investments, visit
www.insightpartners.com or follow us on twitter:
@insightpartners.com.
Forward Looking Statements
This press release contains certain statements which constitute
forward-looking statements. These forward-looking statements may
contain statements that are not historical fact. These
forward-looking statements are based on currently available
information, as well as E2open's views and assumptions regarding
future events as of the time such statements are being made. Such
forward looking statements are subject to inherent risks and
uncertainties. Accordingly, actual results may differ materially
from those expressed or implied in such forward-looking statements.
Such risks and uncertainties include, but are not limited to, those
described in cautionary statements contained elsewhere herein and
in E2open's periodic reports filed with the SEC including the
statements set forth under "Risk Factors" set forth in E2open's
most recent annual report on Form 10-K. These forward-looking
statements reflect E2open's expectations as of the date of this
press release. E2open undertakes no obligation to update the
information provided herein, except as required by law.
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SOURCE Insight Venture Partners