Boston, MA 04/07/2014 (wallstreetpr) – Vocus, Inc. (NASDAQ:VOCS) a leading provider for cloud marketing software has announced it has entered into a definitive agreement to be acquired by GTCR Valor merger, an affiliate of GTCR LLC. The acquisition will be carried out in an all cash transaction of approximately $446.5 million. The company’s board of directors came to an agreement about the sale after a unanimous vote with one director abstaining. The deal now awaits the approval of majority shareholders for it to come to a full realization.
Terms of the Acquisitions
Upon full acquisition GTCR Valor Merger Sub, Inc. Will carry out a tender offer to acquire all the outstanding Vocus, Inc. (NASDAQ:VOCS) shares of its common stock. GTCR plans to acquire Vocus shares at a price tag of $18 per share without interest and subject to any tax withholding.
The proposed price per share represents a premium of 48% over Vocus, Inc. (NASDAQ:VOCS) closing price on April 4, 2014 and 79% over the 12 month volume for the period ending April 4, 2014. Part of the transaction will also require GTCR to acquire Vocus’s Series a convertible preferred stock that are valued at $77.3 million.
The acquisitions provides Vocus, Inc. (NASDAQ:VOCS) shareholders with an opportunity to realize the cash value of their shares at a significant premium to historical share prices. The company’s employees and customers on the other hand will be given an opportunity to utilize strengths across the two companies while also providing them with an opportunity to move forward through the development of more innovative software’s.
GTCR managing director could not hide his enthusiasm optimism on the agreement as the partnership will help in maximizing the growth potential of the company. Vocus has over the years demonstrated its ability to develop innovative software while also helping customers achieve their success.
Law Firm Announces Investigation over the Proposed Sale
Shareholders law firm Johnson & Weaver, LLP representing Vocus, Inc. (NASDAQ:VOCS) shareholders has announced it has started investigation if there were any Fiduciary laws that were breached in connection with the proposed sale. The investigations will try to unravel whether the company’s board of directors failed to satisfy their duties to shareholders, in terms of the full purchase price.
