Siris Capital to acquire domain name and web presence company for $25 per share.
Web.com (NASDAQ:WEB), the parent company of domain name registrars Network Solutions and Register.com, has agreed to be acquired by an affiliate of Siris Capital Group in a $2 billion deal.
Shareholders will get $25.00 per share; shares closed yesterday at $23.20. It’s a 30% premium over the 90-day volume-weighted average price for Web.com shares.
Web.com may shop for a better offer between now and August 5. It expects the transaction to close in Q4.
Once the deal is completed, Web.com will be a private company no longer traded on the NASDAQ.
The company is going through a difficult transition that has caused its short-term numbers to dip. Going private will help the company avoid short-term efforts to appease investors.
Siris Capital has taken other companies private in similar deals, such as Polycom and Digital River.
Will be interesting to see if they continue the tactics of the current group…
Probably be worse.
They should close there doors I never heard about a company that charges $37.00 for .com renewal.
Must be nice to be young. All us old fogies remember when $35 renewals were our only option.