Under the terms of the amended deal, shareholders of the publicly-listed cloud-native, enterprise SaaS company will be paid $63.75 per share in cash by Thoma Bravo, instead of the original purchase price of $66 per share in cash or $10.7bn
Thoma Bravo and Anaplan settle to a revised price of $10.4bn for the latter’s acquisition. (Credit: aymane jdidi from Pixabay)
Anaplan, a California-based business planning software company, has agreed to a revised consideration of $10.4bn for its acquisition by Thoma Bravo.
Both parties agreed to amend their merger deal to resolve a disagreement regarding compliance with some of the terms of the agreement announced in March 2022. According to Thoma Bravo, these matters could have led to certain closing conditions not being met.
The amended merger agreement has been approved unanimously by Anaplan’s board of directors.
Anaplan chairman and CEO Frank Calderoni said: “We believe Thoma Bravo continues to be the right partner for Anaplan, and we look forward to closing this transaction.
“We remain committed to delivering the best-in-class planning platform to solve our customer’s biggest digital transformation challenges. Thoma Bravo’s resources and insights will help scale Anaplan’s growth strategy.”
The publicly-listed Anaplan has built a cloud-native platform for orchestrating business performance. Its Hyperblock technology is said to help businesses contextualise real-time performance and forecast future outcomes for making quicker, confident decisions.
Under the terms of the amended deal, Anaplan’s shareholders will be paid $63.75 per share in cash. The original purchase price was $66 per share in cash with the deal valued at around $10.7bn.
Anaplan said that it had always acted in good faith in compliance with the merger deal and that Thoma Bravo continued to be obligated to close the original agreement as per its original terms.
Following extensive consideration, Anaplan’s board agreed to amend the merger deal to avoid potentially lengthy litigation over the disagreement.
The amendment also gives increased closing certainty for the company’s shareholders and close on almost the same timeline as agreed originally by the parties, said Anaplan.
The business planning software company’s board also determined that the terms of the amended merger deal continue to represent a meaningful premium over the price of the firm’s common stock before the signing of the original agreement.
Thoma Bravo managing partner Holden Spaht said: “We fully support the amended agreement and look forward to partnering with Anaplan as it helps enterprises transform how they see, plan, and run their businesses by delivering cloud-native SaaS solutions at scale.
“We are enthusiastic about leveraging Thoma Bravo’s extensive operational and investment expertise in enterprise software to support Anaplan in serving customers and reaching its next phase of growth.”
The deal is expected to close by the end of this month, subject to approval by Anaplan’s shareholders and other customary closing conditions.