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Mergers & Acquisitions

Anaplan, Thoma Bravo Reprice Deal

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Published: June 9th, 2022
The board of the corporate planning software company agrees to accept $63.75 per share rather than the $66 announced in March.

Anaplan Inc. (PLAN) and Thoma Bravo LP have repriced their deal, after a disagreement about whether the software company remained in compliance with merger terms, the parties said June 6.

San Francisco-based Anaplan develops software to help companies develop plans for sales, finance, marketing, supply chains, IT and other processes.

While the company said June 6 that it complied with the agreement and that Thoma Bravo remained obliged to close, Anapplan’s board agreed to accept $63.75 per share rather than the $66 per share announced in March.

The company said Thoma Bravo is the right partner and that the revision eliminates the potential for a lengthy court battle. Recall that shortly before Anaplan announced the sale to Thoma Bravo in March, Sachem Head Capital Management LP and Keith Meister’s Corvex Management LP planned a proxy campaign against the company.

The deal values Anaplan at $10.4 billion, based on a fully diluted count of about 163 million shares, versus the original price tag of $10.7 billion.

The price comes to 13.6 times Needham & Co. LLC’s projected fiscal-year 2023 revenue and 10.9 times the Wall Street consensus for fiscal-year 2024 sales, analyst Scott Berg said. The original price came to 14.3 times Needham’s projected fiscal-year 2023 sales and 11.3 times consensus fiscal-year 2024 sales.

The parties expect to close the deal by the end of June.

Editor’s note: The original version of this article was published earlier on The Deal’s premium subscription website. For access, log in to TheDeal.com or use the form below to request a free trial.

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