Entrust Enters into Agreement to be
Acquired by Thoma Bravo - 14th April, 2009
Shareholders to receive $1.85 per share in cash; transaction valued at $114 million
DALLAS - Entrust, a world leader in securing digital identities and information, today announced
it has entered into a definitive agreement to be acquired by an affiliate of Thoma Bravo, LLC in a
transaction with a total equity value of $114 million.
Under the terms of the agreement, Entrust’s shareholders will receive $1.85 in cash for each
share of Entrust common stock they hold, representing a premium of approximately 22.4
percent over Entrust’s average closing share price of $1.51 during the 30 trading days ending
April 9, 2009 and 25.8 percent over Entrust's average closing share price of $1.47 during the 90
trading days ending April 9, 2009.
The board of directors of Entrust has approved the merger agreement and resolved to
recommend that Entrust’s shareholders adopt the agreement.
“After an extensive review of our strategic alternatives, Entrust’s board of directors has
determined that this transaction provides for the best value to shareholders,” said Michael
McGrath, chairman of Entrust.
“In addition to delivering value to Entrust’s shareholders, the partnership with Thoma Bravo also
creates clear value for Entrust’s employees and customers,” said Bill Conner, President and
CEO of Entrust. “Entrust’s customers will benefit from our increased focus on developing our
key platforms — Risk Based Authentication and Fraud Detection, PKI and our Certificate
Services -- that grow as their security requirements evolve.”
“Thoma Bravo looks forward to strengthening Entrust’s global leadership position in each of its
three security solutions platform areas,” said Scott Crabill, managing partner of Thoma Bravo.
“We will work closely with Entrust’s management team and employees to deliver increased
value for customers and enhance growth of the business,” added Seth Boro, principal of Thoma
The transaction i