- Thoma Bravo in January agreed to acquire Magnet Forensics for a total of C$1.8bn
- ISS’ recommendation to Magnet shareholders to vote for the deal follows a similar recommendation made by Egan-Jones Proxy Services
Proxy advisor Institutional Shareholder Services (ISS) has recommended that shareholders of Magnet Forensics vote for the company’s acquisition by Thoma Bravo.
Based in Waterloo, Ontario, Magnet is a developer of digital investigation software. Thoma Bravo in January agreed to acquire the business for a total of C$1.8 billion.
All shareholders, except rolling shareholders, will receive all-cash consideration of C$44.25 per share.
In a release issued by Magnet, ISS was quoted as saying the following with respect of the valuation and consideration offered to shareholders: “…the offer represents a premium to the unaffected price, the sale process (and valuation) appears reasonable, and there are downside risks of non-approval.”
ISS is an independent proxy advisory firm based in Rockville, Maryland. Its recommendation to Magnet shareholders to vote for the deal follows a similar recommendation made by Egan-Jones Proxy Services.
Thoma Bravo is a software-focused private equity firm that managed more than $120 billion in assets as of 30 September 2022. It has offices in Chicago, San Francisco, London, Miami and New York.