Under the terms of the agreement, Double-Take stockholders will receive $10.55 in cash for each share of common stock they hold, a premium of approximately 39% and 21% to Double-Take’s enterprise value and closing share price of $8.71, respectively, on the last business day prior to Double-Take’s announcement that its BOD was considering indications of interest to be acquired.
The deal, which was announced today, values Double-Take Software at approximately $242 million.
The Double-Take Board of Directors unanimously approved the agreement and has recommended the approval of the transaction to Double-Take’s stockholders.
The transaction is subject to customary closing conditions and the approval of Double-Take stockholders. The transaction is not subject to a financing condition, and debt commitments for the merger consideration have been received by Vision Solutions.
The company reported a net loss of $200,000 on $18.9 million in revenue for the first quarter of the year. That compared with a loss of $45,000, nearly flat results per share, on $18.2 million in revenue a year earlier.
Double-Take expects the acquisition by Vision Solutions to close in the third quarter of 2010.
(Via press release)