15th Nov 2021 13:32
Avast PLC - Prague-based antivirus software - NortonLifeLock Inc says waiting period under US Hart-Scott-Rodino Act expired on Friday, meaning that part of the regulatory process to acquire Avast has been satisfied. Takeover remains subject to approval from Avast shareholders at court and general meetings on Thursday. In August, the duo reached a takeover agreement.
Under the terms of the deal, Avast shareholders will be entitled to receive a combination of cash and newly issued shares in Norton. For each Avast share, the offer is USD2.37 in cash, plus 0.1937 of a NortonLifeLock share, making the offer value 31% in cash and 69% in shares. Based on NortonLifeLock's closing share price of USD27.20 on July 13, being the last trading day for NortonLifeLock shares before combination talks were revealed on July 14, the merger values Avast between USD8.1 billion and USD8.6 billion, depending on Avast shareholders' elections.
Current stock price: 598.00 pence, up 7.0% on Monday
Year-to-date change: up 11%
By Eric Cunha; [email protected]
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