The Active Network Inc., a publicly traded San Diego company that develops online tools for event organization, is being acquired by Vista Equity Partners for $1.05 billion.
The San Francisco-based private equity firm, with offices in Chicago and Austin, Texas, has offered $14.50 per share in cash — a 27 percent premium over Active Network’s (NYSE: ACTV) closing stock price the day before the acquisition.
Shares rose 25 percent in day trading following the announcement, shooting up from $11.40 on Sept. 27 to $14.31 on Sept. 30.
“We believe the partnership with Vista will position us to execute on our strategy and further enhance our industry leadership,” Active Network interim CEO Jon Belmonte said in a statement.
— SDBJ Staff Report