The publicly traded cloud company will become a private company through the agreement, according to a June 1 news release.
Five details:
- The acquisition is expected to be completed in the second half of 2021.
- Cloudera’s board of directors unanimously approved the acquisition and recommended that Cloudera shareholders approve the transaction and merger agreement.
- The Icahn Group, which holds collectively 18 percent of Cloudera’s shares, entered into a voting agreement to vote their shares in favor of the acquisition.
- Cloudera shareholders will receive $16 in cash per share, which is a 24 percent premium to the closing price as of May 28 and a 30 percent premium of the 30-day average share price.
- Closing the deal requires the approval of Cloudera shareholders and antitrust approval. The board will have until July 1 to consider alternative acquisition proposals from third parties and an additional 10 days to negotiate a definitive agreement with another party. The board may terminate the merger agreement to enter into a superior proposal.
