Bazaarvoice Inc (NASDAQ:BV) has finalized a definitive deal to be bought by entities affiliated with the international investment company, Marlin Equity Partners. Under the agreement terms, Marlin will buy each share of outstanding common equity of Bazaarvoice in lieu for $5.50 for a total value of around $521 million. This price exhibits an 18% increase to the average closing price of BV for the 30-calendar day period closing November 24, 2017. Upon closure of the deal, Bazaarvoice will turn a privately-held firm.
Tom Meredith, the Chairman of the Board, expressed that the Board appreciates the patience that their stockholders have demonstrated as they have worked to improve their operations and business. The Board eventually decided, after extensive involvement with stockholders and a thorough and extended procedure, that Marlin’s offer to buy Bazaarvoice is the best means to enhance value for their stockholders.
Gene Austin, the President and CEO of Bazaarvoice, expressed that they are delighted to report this deal which allows their stockholders to get immediate cash value at a premium and offers company with the operational flexibility it requires to continue its strategic vision.
Nathan Pingelton of Marlin expressed that this deal exhibits an innovative chance to invest in a major provider of customer generated content applications as well as data offerings. They are thrilled to associate with the Bazaarvoice team to advance upon the firm’s success and boost their long-term goals of continued product innovation and revenue growth.
Bazaarvoice will have its headquarters in Austin. The closing of the deal is dependent on customary closing conditions, including the affirmative vote by company’s stockholder and required regulatory approvals. The deal is projected to close in Q1 2018. As a result of the reported sale of the firm, Bazaarvoice will not be hosting the conference call previously scheduled for Wednesday November 29, 2017 to discuss its fiscal second quarter 2018 financial results.