23 02 2016

Insight Venture Partners to acquire Diligent Corporation for about $624 million

Diligent Corporation, the leading provider of secure online collaboration and document sharing solutions for boards, committees and leadership teams, has entered into a definitive agreement to be acquired by Insight Venture Partners, a leading global venture capital and private equity firm investing in high-growth software, internet and data services companies.


Under the terms of the agreement, Diligent stockholders will receive $US 4.90 ($NZ 7.391) in cash for each share of Diligent stock, a consideration which values Diligent at approximately $US 624 Million (approximately $NZ 941 Million1), including cash. The Diligent Board of Directors has unanimously approved the transaction and resolved to recommend that stockholders vote in favor of the agreement. The transaction represents a 31% premium over the closing share price of $NZ 5.64 ($US 3.741) on February 12, 2016. Jefferies LLC is serving as financial advisor and Lowenstein Sandler LLP is serving as legal advisor to Diligent. Minter Ellison Rudd Watts is advising as New Zealand counsel to Diligent on the deal with a team led by M&A partner Cathy Quinn. Jones Day is advising Jefferies, the financial advisor to Diligent Corporation, with a team led by Corporate partner James Dougherty (picture). Willkie Farr & Gallagher LLP is serving as legal advisor to Insight. Involved fees earner: James Dougherty - Jones Day; Cathy Quinn - Minter Ellison Rudd Watts;

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