An investigation on behalf of investors of KnowBe4, Inc. (NASDAQ: KNBE) in connection with the proposed takeover was announced.
San Diego, CA -- (SBWIRE) -- 10/31/2022 -- An investigation was announced concerning whether the takeover of KnowBe4, Inc. by Vista Equity Partners for $24.90 is unfair to NASDAQ: KNBE stockholders.
Investors who purchased shares of KnowBe4, Inc. (NASDAQ: KNBE) and currently hold any of those NASDAQ: KNBE shares have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of KnowBe4, Inc. breached their fiduciary duties owed to NASDAQ: KNBE investors in connection with the proposed acquisition.
Clearwater, FL based KnowBe4, Inc. engages in the development, marketing, and sale of its Software-as-a-Service-based security awareness platform.
On October 12, 2022, KnowBe4, Inc. announced that it has entered into an agreement to be acquired by Vista Equity Partners in an all-cash transaction valued at approximately $4.6 billion on an equity value basis.
Under the terms of the merger agreement, KnowBe4 stockholders will receive $24.90 per share in cash upon completion of the proposed transaction.
KnowBe4 CEO Stu Sjouwerman is set to gain over $110 million from the sale of Clearwater-based cybersecurity company KnowBe4, Inc.
However, given that Vista Equity Partners has already entered into support agreements with the CEO of KnowBe4, Inc and investment funds affiliated with KKR and Elephant Partners and that under these agreements, which collectively account for approximately 83 percent of KnowBe4's outstanding voting power, the applicable stockholders have already agreed to vote all of their shares of KnowBe4 common stock in favor of the transaction, the investigation concerns whether the offer is unfair to NASDAQ: KNBE stockholders. More specifically, the investigation concerns whether the KnowBe4, Inc Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Shares of KnowBe4, Inc. (NASDAQ: KNBE) closed on October 28, 2022, at $24.67 per share.
Those who are current investors in KnowBe4, Inc. (NASDAQ: KNBE) shares have certain options and should contact the Shareholders Foundation.
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