| 2016-11-18 13:31:51|
TUBE, ADBE 13:31 11/18 11/18/16
TubeMogul rises after disclosing interest from parties other than Adobe
Shares of TubeMogul (TUBE) are up 1.6% to $14.23 in afternoon trading after the company gave details about its negotiations with Adobe (ADBE) in a filing earlier, including the revelation that other potential buyers also expressed interest in the company. In the filing, TubeMogul stated in part: "On the morning of November 4, a representative of Morgan Stanley and a senior member of Adobe's corporate development team discussed the current status over the phone. The representative of Morgan Stanley informed Adobe that the TubeMogul Board was planning to pursue an offer from another strategic bidder unless Adobe made an offer that day. The agreement with the other bidder was in a form they were potentially willing to sign and subsequently announce as early as the following Monday, November 7, according to the Morgan Stanley representative. However, the representative of Morgan Stanley conveyed that the TubeMogul Board would be prepared to enter into exclusive negotiations with Adobe if Adobe made a written offer for $14.00 per share in cash and committed to negotiate and sign a definitive agreement by Wednesday, November 9...On November 7, the parties met at Weil's offices in Redwood Shores, California, where they conducted due diligence throughout the day. Representatives of PwC joined those meetings on behalf of Adobe to participate in financial and tax due diligence. As those meetings were in progress, as required by the exclusivity agreement, a representative of Morgan Stanley informed the Adobe team that two other potential bidders were continuing to reach out regarding TubeMogul and confirmed that Morgan Stanley and TubeMogul did not respond to those communications."