Progress Software Considers Possible Offer To Acquire All Of The Debt And The Entire Issued And To Be Issued Capital Of MariaDB; MariaDB Shareholder Entitled To Receive $0.60/Share; Values MariaDB At ~$40.6M
Progress Software Considers Possible Offer To Acquire All Of The Debt And The Entire Issued And To Be Issued Capital Of MariaDB; MariaDB Shareholder Entitled To Receive $0.60/Share; Values MariaDB At ~$40.6M
Progress Software考慮收購MariaDB的所有債務以及全部已發行和待發行資本的提議；MariaDB股東有權獲得每股0.60美元；對MariaDB的估值約爲4,060萬美元
- Under the Possible Offer, each MariaDB shareholder would be entitled to receive:
- $0.60 for each MariaDB share, payable in cash.
- The Possible Offer would represent a premium of approximately:
- 9 per cent. to the possible offer of $0.55 per share made by K1 Capital, announced on February 16, 2024;
- 88 per cent. to MariaDB's average closing share price on the last 30 trading days prior to the March Possible Offer Announcement; and
- 216 per cent. to MariaDB's closing share price on February 5, 2024, the last full trading day prior to the announcement by MariaDB of a forbearance agreement with RP Ventures LLC.
- The Possible Offer values MariaDB's entire issued ordinary share capital at approximately $40.6 million.
- In addition, in connection with the closing of the transactions contemplated by the Possible Offer, Progress proposes that it would complete the purchase or repayment of the Senior Secured Promissory Note issued by MariaDB to RP Ventures LLC ("RP Ventures"), a company associated with Runa Capital, Inc. ("Runa"), on October 10, 2023 (the "RP Note"), with RP Ventures being entitled to receive:
- $40 million in total with respect to the RP Note (but excluding any amounts attributable to ownership of MariaDB shares).
- This represents a premium of approximately 55 per cent. to the outstanding amount of the RP Note including the principal and accrued interest as of March 31, 2024 of approximately $25.9 million.
- The Possible Offer implies an enterprise value of approximately $100.6 million and a multiple of approximately 2 times MariaDB's revenue for the twelve months ended December 31, 2023.
- Given the liquidity challenges faced by MariaDB, there are other potential outstanding liabilities, estimated to be approximately $20 million, which would be assumed by Progress should it complete an acquisition of MariaDB.
- 根據可能的要約，每位MariaDB股東都有權獲得：
- 每股MariaDB股票0.60美元，以現金支付。
- 可能的報價將代表大約以下的溢價：
- 比K1 Capital於2024年2月16日宣佈的每股0.55美元的可能報價高出9％；
- 相當於MariaDB在3月可能的要約公告發布前30個交易日的平均收盤股價的88％；以及
- 2024年2月5日，即MariaDB宣佈與RP Ventures LLC簽訂寬容協議之前的最後一個完整交易日，即MariaDB宣佈與RP Ventures LLC簽訂寬容協議之前的最後一個完整交易日，收盤價爲216％。
- 可能的要約估值MariaDB的全部已發行普通股本約爲4,060萬美元。
- 此外，在完成可能要約所考慮的交易方面，Progress提議於2023年10月10日完成對MariaDB向Runa Capital, Inc.（“Runa”）關聯公司RP Ventures LLC（“RP Ventures”）發行的優先擔保本票（“RP 票據”）的購買或償還，RP Ventures有權獲得：
- RP票據總額爲4000萬美元（但不包括歸因於MariaDB股票所有權的任何金額）。
- 這意味着截至2024年3月31日的RP票據未償還金額（包括本金和應計利息）約2590萬美元的溢價約爲55％。
- 可能的要約意味着企業價值約爲1.006億美元，是截至2023年12月31日的十二個月中MariaDB收入約2倍的倍數。
- 鑑於MariaDB面臨的流動性挑戰，還有其他潛在的未償負債，估計約爲2000萬美元，如果Progress完成對MariaDB的收購，這將由Progress承擔。
譯文內容由第三人軟體翻譯。
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