Private equity group Vector Capital plans to acquire information security company
for approximately $634 million.
The $28.75-per-share price represents a 12% premium over SafeNet's average closing share price during the 30 trading days ended last Friday.
The move to buy Belcamp, Md.-based SafeNet comes from a group that has in the past taken packaged software company
private in 2003. Three years later, San Francisco-based Vector Capital had restructured the company and filed for an IPO.
Shares of SafeNet were recently off 3 cents to $28.27.
A subsidiary of Vector Capital, Stealth Acquisition, is expected to start a tender offer to acquire all of the outstanding shares of SafeNet stock cash on or before Mar. 12. The offer will expire at midnight on the 20th business day following and including the commencement date, unless extended.
The deal is expected to be completed during the second quarter of 2007. As a result of the transaction, SafeNet said it would cancel its fourth-quarter financial results conference call scheduled for Wednesday.