Private equity group Advent International doesn’t plan to conclude the acquisition of cybersecurity company ForeScout Technologies Inc. by the May 18 deadline, though talks are continuing regarding timing and price.
“This is an uncertain time for everyone, as businesses and communities across the world navigate the challenges created by the Covid-19 pandemic,” ForeScout Chief Executive Officer Michael DeCesare said in a statementMonday. The two parties have received all necessary approvals to complete the transaction, ForeScout said, but acknowledged that “there can be no assurance” that the two sides will “be able to reach agreement on terms.
In February, Advent said it would pay $33 a share for San Jose, California-based ForeScout, valuing the company at about $1.9 billion. ForeScout’s shares fell 20% to $23.58 at 10:16 a.m. in New York.
The Covid-19 pandemic has caused a number of deals to collapse. During one period seven-day period in early May, more than $10 billion of mergers, acquisitions and investments were been terminated according to data compiled by Bloomberg, with more under threat as acquirers try to back out of agreements or renegotiate terms.
Source: Bloomberg
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