Apax Partners begins tender offer for Bankrate
NEW YORK — Private equity firm Apax Partners launched a cash tender offer at $28.50 a share Tuesday to acquire all outstanding shares of consumer finance Web site operator Bankrate Inc.
The value of the proposed transaction, which was announced last week, is roughly $570.8 million, excluding transaction fees and expenses, according to the companies.
Upon successful closing of the tender offer, shareholders of Bankrate will receive $28.50 in cash for each share of Bankrate common stock tendered in the offer, without interest and less any applicable withholding taxes. Following that, there will be a merger to acquire all remaining outstanding Bankrate shares at the same price paid in the tender offer.
The tender offer will expire at midnight on Aug. 24.
Apax, a global private equity firm with over $35 billion in funds under advice, has expertise in financial services and media. It is providing 100 percent of the financing for the acquisition from its equity funds under management.
Bankrate’s board approved the transaction, which is subject to closing conditions, including minimum levels of participation in the tender offer and regulatory approvals.
The deal is expected to close at the end of the third quarter.
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