Mar 1, 2024 - Business

Thoma Bravo ups Everbridge takeover price to $1.8 billion

an illustration of a cart tipping over and dumping out a bunch of red warning signs

Illustration: Tiffany Herring/Axios

Private equity firm Thoma Bravo on Friday increased the amount it's paying to acquire Everbridge, a publicly traded provider of critical event management and national public warning software, by 22.4% to $1.8 billion.

Why it matters Most take-private agreements include "go-shop" provisions, but this is one of the rare times that it mattered.

Details: Thoma Bravo on Feb. 5 announced an agreement to buy Everbridge for $28.60 per share.

  • The deal included a 25-day go-shop period, during which time Everbridge says it received a superior offer.
  • Thoma Bravo then increased its bid to $35 per share, resulting in today's announcement.

The bottom line: Thoma Bravo isn't a total stranger to repriced deals. For example, in 2022 it paid $300 million less for Anaplan than it had originally agreed, due to a disagreement over equity grants.

Go deeper