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Buyout!Control4 to be acquired by SnapAV for $23.91

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jimmybob Member Level  Thursday, 05/09/19 08:25:53 AM
Re: jimmybob post# 18
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Control4 to be acquired by SnapAV for $23.91 per share in cash, or $680M
SnapAV, a manufacturer and source of A/V, surveillance, networking and remote management products for professional integrators, and Control4 Corporation announced that they have entered into a definitive merger agreement whereby SnapAV will acquire Control4 in an all-cash transaction for $23.91 per share in cash, representing an aggregate value of approximately $680M. Control4's Board of Directors has unanimously approved and recommended that stockholders vote in favor of the transaction. Under the terms of the Agreement, SnapAV will acquire all the outstanding common stock of Control4 for $23.91 per share in cash. The purchase price represents a premium of approximately 40% over Control4's closing price on May 8, 2019, the last trading day prior to execution of the Agreement, and a premium of approximately 38% over Control4's 30-trading day weighted average share price ended on May 8, 2019. Private equity investment firm Hellman & Friedman-SnapAV's majority shareholder since 2017-will invest additional equity as part of the transaction and be the majority shareholder of the combined company. As part of the Agreement, Control4's Board of Directors, with the assistance of its advisors, will conduct a 30-day "go-shop" process following the date of the execution of the definitive agreement, during which it will actively initiate, solicit, encourage and evaluate alternative acquisition proposals, and potentially enter into negotiations with any parties that offer an alternative acquisition proposal. Control4 will have the right to terminate the merger agreement to accept a superior proposal, subject to the terms and conditions of the merger agreement. The transaction, which is expected to be completed in the second half of 2019, is subject to the satisfaction of customary closing conditions, including regulatory approvals and approval by Control4 shareholders

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