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WEB

Web.com

$25.40

0.4 (1.60%)

09:29
08/06/18
08/06
09:29
08/06/18
09:29

Web.com announces ammended agreement to be acquired

Web.com announced an amended agreement with affiliates of Siris Capital Group, LLC to purchase all of the outstanding common stock of Web.com for $28 per share in cash through a merger. In addition, the "go-shop" period provided for under the terms of the previously announced merger agreement between the company and affiliates of Siris Capital Group, LLC has expired. During the "go-shop" period, Web.com and representatives of BofA Merrill Lynch and J.P. Morgan, two financial advisors to the board of directors of Web.com, engaged in a broad solicitation of strategic and financial parties potentially interested in pursuing an alternative transaction with the company. Out of approximately 87 parties who were contacted, nine executed non-disclosure agreements and were provided access to non-public information about Web.com. The company received an acquisition proposal from one financial bidder which the transaction committee of the board of directors, in consultation with the company's independent financial and legal advisors, determined in good faith was a superior proposal compared to the original merger agreement between the company and affiliates of Siris. Under such merger agreement, such affiliates of Siris had a matching right that resulted in several rounds of negotiations with such other financial bidder and ended with the company and such affiliates of Siris entering into an amended and restated merger agreement. The board of directors approved this amended and restated merger agreement. Under the terms of the amended and restated merger agreement, the financial bidder may continue to work with the company and put in a topping bid. In the event Web.com accepts a higher offer from another bidder (including such financial bidder), in accordance with the terms of the amended and restated merger agreement, the company would be required to pay an affiliate of Siris a termination fee of $39.1 million. The transaction with Siris' affiliates is expected to close in the fourth quarter of 2018, subject to approval by Web.com's stockholders, along with customary closing conditions. Upon completion of the acquisition, Web.com will become wholly owned by an affiliate of Siris. As previously reported, on July 20, 2018, the U.S. Federal Trade Commission granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the "HSR Act"), in connection with the merger with an affiliate of Siris. Early termination of the waiting period under the HSR Act satisfied one of the conditions to the closing of the merger with an affiliate of Siris.

WEB Web.com
$25.40

0.4 (1.60%)

08/01/18
RILY
08/01/18
NO CHANGE
Target $25
RILY
Neutral
Web.com price target raised to $25 from $19 at B. Riley FBR
B. Riley FBR analyst Sameet Sinha raised his price target for Web.com to $25 after citing the company's Q2 beat on average revenue per user gains. The analyst notes that guidance was not updated and he keeps a Neutral rating on the shares.
06/27/18
RHCO
06/27/18
NO CHANGE
Target $30
RHCO
Buy
Web.com price target raised to $30 from $24 at SunTrust
SunTrust analyst Naved Khan raised his price target on Web.com to $30, maintaining his view that the company's agreed acquisition by Siris Capital at $25 per share could generate interest from other potential buyers. Among the potential acquirers, the analyst lists Silver Lake, KKR (KKR), Vector Capital, and GoDaddy (GDDY).
06/21/18
RHCO
06/21/18
NO CHANGE
Target $24
RHCO
Buy
Web.com could attract competing takeover suitors, says SunTrust
SunTrust analyst Naved Khan believes Web.com's acquisition by Siris Capital Group for $25 per share could generate interest from other potential suitors. Given the 45 day go-shop period and break-up fee terms, along with Web.com's portfolio of assets and free cash flow characteristics, we could potentially see interest from other parties interested in the entire business or individual pieces, Khan tells investors in a research note. The analyst keeps a Buy rating on the shares with a $24 price target. The stock in afternoon is trading above the offer price at $25.40, up 9.5% or $2.20.
06/21/18
BWSF
06/21/18
NO CHANGE
Target $32
BWSF
Buy
Web.com could draw other bidders during 'go-shop,' says BWS Financial
BWS Financial analyst Hamed Khorsand said a private equity firm is not likely to achieve the same level of cost savings as a strategic acquirer would in buying Web.com, leading him to believe the company's "go-shop" period could draw out other potential bidders. He maintains a Buy rating and $32 price target on Web shares after the company agreed to be acquired by an affiliate of Siris Capital in an all-cash transaction valued at approximately $2B, or $25 per share.

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