SciQuest to Be Taken Private by Accel-KKR
May 31 2016 - 09:20AM
Dow Jones News
SciQuest Inc. agreed to be acquired by tech-focused
private-equity firm Accel-KKR in a deal that values the business
software company at roughly $509 million.
SciQuest holders will receive $17.75 a share, a 34% premium to
Friday's close. Accel-KKR, which has a 4.9% stake in SciQuest, has
been a shareholder since 2014.
SciQuest shares soared 33% to $17.61 to reflect the offer price.
Through Friday's close, the stock is down 13% in the past 12
months.
SciQuest makes cloud-focused software that focuses on
streamlining and lowering the cost of purchases between buyers and
suppliers.
The company, which went public in September of 2010, would be
taken private in the deal. Its headquarters would remain in
Morrisville, N.C.
SciQuest's board approved the deal, which is expected to close
in the third quarter. Under the agreement, the company may solicit
competing bids during a 25-day "go-shop" period.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
May 31, 2016 09:05 ET (13:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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