The board of Aerial imagery company Nearmap [ASX:NEA] has unanimously recommended Thoma Bravo’s $1.05 billion takeover offer, previously revealed on Monday, 15 August.
Nearmap has entered an implementation deed to be acquired by Thoma Bravo via a scheme of arrangement whereby NEA shareholders will be entitled to receive $2.10 per share.
The price represents a 67% premium to Nearmap’s six-month volume weighted average price of $1.26 to Friday, 12 August 2022.
The Nearmap board thinks the takeover offer offers ‘attractive and certain value for shareholders in current markets’.
Source: www.tradingview.com
Nearmap agrees to terms
Nearmap’s board accepted Thoma Bravo’s proposal, made via Thoma’s subsidiary Atlas AU BidCo Pty Ltd.
The offer was first floated on 6 July. Investment company Thoma Bravo offered to acquire 100% of Nearmap shares at $2.10 per share — equating to an estimated $1.05 billion offer.
Nearmap allowed Thoma Bravo seven days of full access to its books and to complete necessary due diligence, while NEA consulted with financial and legal advisors Citigroup and DLA Piper.
Nearmap’s directors will be voting in favour of the scheme, and NEA’s board has said it would be in shareholders’ best interests to do the same.
Nearmap’s Chair Peter James commented:
‘The Board believes the proposed all-cash offer represents attractive value and provides an immediate opportunity for shareholders to realise certain value at a significant premium to the market.
‘It is our view that the Thoma Bravo Scheme will realise attractive and certain value for shareholders in current markets.’
Thoma Bravo’s Senior Partner AJ Rohde said:
‘We are incredibly impressed by Nearmap’s thought-leadership and momentum in aerial imagery, data and analytics. We believe Nearmap’s insights are increasingly mission-critical to enterprises and the use cases rapidly evolving, as evidenced by the Company’s accelerating adoption with blue-chip customers in North America. We look forward to working closely with Rob Newman and the highly-innovative Nearmap team to continue scaling Nearmap in its next chapter as a private company.’
Nearmap’s Chief Executive Officer Rob Newman added:
‘Nearmap has built a strong position in the location intelligence industry. Our business model is proven in Australia and our ambition to continue to grow rapidly in North America aligns well with Thoma Bravo’s future ambitions for the business. The proposal from Thoma Bravo is a strong demonstration of the success of our strategy and the capability of our people.’
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Regards,
Kiryll Prakapenka,
For Money Morning
