SonicWall sets July 23 special shareholder meeting to approve sale to investor group
By APThursday, July 8, 2010
SonicWall sets July 23 meeting to approve deal
SAN JOSE, Calif. — Network security technology provider SonicWall Inc. sent a letter to shareholders Thursday, ahead of a special meeting later this month, asking them to approve a takeover by an investor group.
The company said this week that a privately held rival, which the company calls “Strategic Party D,” no longer wants to buy SonicWall.
Instead, SonicWall recommends in the letter that shareholders approve a $636 million bid from a group of investors led by private equity firm Thoma Bravo LLC.
Under the deal, announced last month and already approved by the company’s board, SonicWall shareholders will get $11.50 per share in cash.
The company said shareholders are being asked to vote at a July 23 meeting and the deal is expected to close shortly after that.
SonicWall’s shares were unchanged at $11.45 Thursday morning.
