Bankrate bought out...but at what price?
For those of you hoping for a merger arbitrage opportunity, shares are already trading near the $28.50 offer price. Actually, they're trading slightly above $28.50...sounds like some investors are thinking another offer will come in...
Per the press release:
NEW YORK, July 22 /PRNewswire-FirstCall/ -- Bankrate, Inc. (Nasdaq: RATE - News) announced today that it has entered into a definitive agreement to be acquired and taken private by funds advised by Apax Partners, a global private equity firm with over $35 billion in funds under advice and significant expertise in financial services and media.Under the terms of the agreement, Apax will commence a tender offer to acquire all of the outstanding common stock of Bankrate, for $28.50 per share in cash, followed by a merger to acquire all remaining outstanding Bankrate shares at the same price paid in the tender offer.
- Anand (whose dot com era startup cheeserate.com never got venture capital funding)