Advent begins $1.6b tender offer for Forescout

Forescout IPO  / Photo: PR

The new deal for the control and security devices company is at a 12% discount on the sale agreed in February.

US private equity fund Advent International has officially begun the tender offer for the shares of US-Israeli company Forescout Technologies at its revised price. Advent is now offering $29 per share at a company valuation of $1.6 billion, down from the previous offer in February of $31 per share and a company valuation of $1.9 billion, a 12% discount. Court proceedings over the disputed offer were due to begin yesterday but the parties reached an agreement last week on new terms for the deal.

Forescout provides solutions for control and security of devices connected to an enterprise network. Advent's tender offer is valid until August 14 and it needs to buy at least 50% of Forescout's shares for the deal to be completed. Forescout's board of directors has recommended its agreement to the tender offer.

Forescout was founded by Israelis Hezy Yeshurun, Oded Comay, Dror Comay, Doron Shikmoni, and Noga Alon and has a development center in Tel Aviv. Yeshurun still holds share worth $9.4 million.

Published by Globes, Israel business news - en.globes.co.il - on July 21, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Forescout IPO  / Photo: PR
Forescout IPO / Photo: PR
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