![]() The shareholder also argued that Magnet’s special committee on the acquisition “intentionally omitted” the data it shared. “Somehow, Thoma Bravo has negotiated a transaction where it is offering the lowest premium for the asset with the highest rate of future return,” Nellore wrote. Nellore also shared data it claims to have collected from publicly available sources that shows Thoma Bravo’s proposal to buy Magnet represents one of the lowest deals the private equity firm has ever offered. ![]() Shortly after Magnet published Egan-Jones’ recommendation, Nellore published a letter to shareholders calling the deal “insultingly low.” According to The Globe and Mail, four North American investment managers are not happy with the proposed deal, with three stating they will vote against it. ![]() Other Magnet shareholders have also reportedly joined Nellore’s efforts to halt the deal. The announcement from Magnet follows a public campaign by one of Magnet’s largest investors, Nellore Capital Management, against the company’s proposed sale to Thoma Bravo. ![]() “We believe that the dissident shareholder has not offered a superior alternative that will maximize value creation.” The Waterloo startup released a statement on Wednesday noting that Egan-Jones Proxy Services, which worked as an independent proxy advisor reviewing the deal, has recommended it gets approved. Share on: Twitter LinkedIn Facebook EmailĪs the battle to stop Magnet Forensics’ $1.8 billion CAD sale rages on, an independent advisor has recommended shareholders vote for the deal, according to Magnet. ![]()
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