As of the last check on Monday, KnowBe4 Inc. (Nasdaq: KNBE) has advanced 26.76% at $21.93 after receiving an acquisition offer. KNBE closed at $17.30 during the previous trading session. Its shares ranged between $17.20 and $18.22.
KNBE acquisitions have been offered by whom?
Known as the world’s largest provider of security awareness training and simulated phishing platforms, KnowBe4 (KNBE) has confirmed that Vista Equity Partners (“Vista”) has submitted a non-binding offer to purchase all outstanding shares of the Company for $24 per share.
- In order to enhance the value of KNBE’s stockholders, the Board regularly examines opportunities to enhance value. The Board formed a special committee after receiving an inquiry from Vista.
- With independent financial and legal advisors, the committee consists solely of independent directors (the “Special Committee”) tasked with engaging Vista and taking other appropriate actions.
- To determine the course of action that will be in the best interests of KNBE and its stockholders, the Special Committee will review the Vista proposal as well as other potential value creation opportunities in accordance with its mandate, in consultation with its legal and financial advisers.
- Any transaction is uncertain, and KnowBe4 will wait until the Special Committee has completed its review before commenting further.
- According to Regulation 13D of the US Securities and Exchange Commission, Vista was required to disclose the proposal.
- The Special Committee’s financial advisors are Morgan Stanley & Co LLC and Wilson Sonsini Goodrich & Rosati, Professional Corporation, and its legal advisors are Potter Anderson & Corroon.
- In addition to Vista’s bid, the Austin, Texas-based fund has made a series of large investments this year.
- Tracxn reports that Citrix Systems was acquired by the firm for $16.5 billion in January, one of 21 deals that the company has made so far.
What is the significance of KNBE’s bid?
With a share price of $24, the offer represents a nearly 39% premium to KnowBe4 (KNBE) stock price at the close of Sept. 16 trading. The last close of KNBE shares has seen them lose nearly a quarter of their value for the year.