The London Stock Exchange-listed Darktrace claimed that it had got a number of unsolicited, preliminary and conditional proposals from the US-based investment firm but a consensus between the two parties was not achieved on the terms of a firm offer
Thoma Bravo said that it doesn’t intend to make an offer to cybersecurity firm Darktrace. (Credit: Gerd Altmann from Pixabay)
Darktrace, a UK-based cybersecurity company, said that its talks with Thoma Bravo have ended without a deal after the investment firm announced that it does not intend to make an offer to the former.
Talks about the potential deal were revealed by Darktrace in mid-August 2022 in response to media speculations. At that time, the publicly-listed cybersecurity provider said that discussions were at an early stage about a possible cash offer from Thoma Bravo.
Following the disclosure of the potential acquisition talks, the next few days saw Darktrace’s stock surge to 560p, while giving it a market value of more than £4bn, reported Reuters.
Established in 2013 by cyber defense experts and mathematicians, the company has a workforce of more than 2,000 people globally. It is claimed to protect more than 7,400 customers around the world from advanced cyber threats by leveraging artificial intelligence (AI).
Darktrace claimed that it had got a number of unsolicited, preliminary and conditional proposals from the US-based investment firm. However, a consensus between the two parties was not achieved on the terms of a firm offer.
The cybersecurity company stated: “As a result of the announcement made earlier today by Thoma Bravo, the Company is no longer in an offer period for the purpose of the UK Takeover Code.”
As per takeover rules in the UK, Thoma Bravo cannot come up with an offer for the cybersecurity vendor for six months unless another party makes a firm offer or it reaches an agreement with the latter’s board.
In a statement, the cyber defense firm, said: “Darktrace remains unrelentingly focussed on its mission to free the world of cyber disruption and, thereby, enhance its position as a global leader in cyber security artificial intelligence.”