Thoma Bravo acquisition of Darktrace clears regulatory hurdles
By Josh White
Date: Monday 16 Sep 2024
(Sharecast News) - Cybersecurity specialist Darktrace announced on Monday that all regulatory and competition conditions for its acquisition by Luke Bidco had been satisfied.
Luke Bidco is a newly-formed company indirectly wholly owned by funds managed or advised by Thoma Bravo.
The FTSE 100 firm said the acquisition, first agreed on 26 April, involved an all-cash offer for the entire issued and to-be-issued ordinary share capital of Darktrace.
It said the transaction was being conducted through a court-sanctioned scheme of arrangement under the Companies Act.
Shareholders approved the scheme at the court meeting and passed the necessary special resolutions at the general meeting on 18 June.
With the regulatory and antitrust conditions met, the final steps would include the court hearing scheduled for 24 September.
Subject to the court's approval and the fulfilment of remaining conditions, the acquisition was expected to become effective on 1 October.
Darktrace said its shareholders had until 1300 BST on 30 September to choose to receive their consideration in sterling instead of dollars through a currency conversion facility.
Shareholders who did not make a currency election by the deadline would receive their payment in US dollars.
At 1037 BST, shares in Darktrace were flat at 584.4p.
Reporting by Josh White for Sharecast.com.
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