The share price of Israeli-founded cybersecurity company Forescout Technologies Inc. (Nasdaq: FSCT) is up 14% after reaching a revised agreement of its sale to US private equity fund Advent International. Advent will acquire Forescout for $29 per share for a total price of $1.4 billion.
Advent had originally agreed in February to buy Forescout at $33 per sharew or $1.9 billion but the deal was never completed due to claims that the coronavirus had adversely affected Forescout's results. Forescout contested Advent's claims and had sued with a court case due to start in the coming weeks.
Now Forescout is saying that the revised agreement is good for the company, and the board of directors supports it, because among other things, it removes the distraction of protracted court proceedings. Forescout was founded by Israelis Hezy Yeshurun, Oded Comay, Dror Comay, Doron Shikmoni, and Noga Alon and has a development center in Tel Aviv. The company provides security and control solutions for connected devices in enterprises.
The company's share prices is up 15.38% on Nasdaq at $28.88, giving a market cap of $1.4 billion.
Published by Globes, Israel business news - en.globes.co.il - on July 15, 2020
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