Mindbody To Be Acquired By Vista Equity Partners For $1.9 Bln - Quick Facts

(RTTNews) - Mindbody Inc. (MB) said Monday that it has agreed to be acquired by Vista Equity Partners, an investment firm focused on software, data and technology-enabled businesses, for about $1.9 billion. Mindbody operates a cloud-based management software and payments platform for small and medium-sized businesses.

Under the terms of the agreement, Vista will acquire all outstanding shares of Mindbody common stock for a total value of about $1.9 billion. Mindbody shareholders will receive $36.50 in cash per share, representing a 68 percent premium to the unaffected closing price as of December 21, 2018.

Mindbody's board of directors unanimously approved the deal and recommended that stockholders vote their shares in favor of the transaction.

Closing of the transaction is subject to customary closing conditions, including the approval of Mindbody stockholders and antitrust approval in the U.S. The transaction is expected to close in the first quarter of 2019 and is not subject to a financing condition.

Mindbody noted that the definitive agreement for the transaction includes a 30 day "go-shop" period, which allows the company's board of directors and financial advisors to actively initiate, solicit, encourage and potentially enter negotiations with other parties that make alternative acquisition proposals.

Mindbody will have the right to terminate the merger agreement to enter into a superior proposal, subject to the terms and conditions of the merger agreement.