San Diego Business Journal

Websense Inc. Becomes Wholly-Owned Subsidiary of Tomahawk Acquisition LLC

Thursday, June 27, 2013

Websense Inc., the San Diego security filtering software business, became a wholly-owned subsidiary of Tomahawk Acquisition LLC, and an affiliate of Vista Equity Partners, the Austin, Texas, private equity firm June 25, following completion of a cash tender offer period.

The transaction for all shares of Websense first announced in May was completed with some 77 percent of the outstanding shares tendered at the purchase price of $24.75 per share following the announcement of Vista Equity’s purchase in May. Counting all outstanding shares, the purchase price was an aggregate of about $906 million.

Websense’s remaining outstanding shares will be cancelled and converted to the right to receive the same offer price, Vista Equity said.

The cash tender process followed by Vista Equity enabled the private equity firm to acquire Websense without stockholder approval.

The agreed-upon share price for the company was 29 percent above its May 17 closing stock price, and 53 percent above the average price for the preceding 60 days to the announcement, the companies said.

Vista Equity has about $7 billion in invested capital in a slew of companies with a preference for the high-tech industries.

— Mike Allen