Overview
- The board said it has received competitive proposals from multiple strategic parties to acquire all outstanding ordinary shares and is evaluating them.
- A revised bid from an entity owned by CEO Eli Glickman and Rami Ungar was deemed to significantly undervalue the company and was declined.
- The strategic review is in advanced stages and includes options such as a full sale as well as capital allocation and potential shareholder returns.
- The board emphasized there is no guarantee the process will result in any transaction and that it plans no additional updates until an agreement or conclusion.
- Shares rose after the update, gaining 8.65% after-hours to $21.60, moving up 7.6% pre-market to $21.38, and trading Tuesday about 5.1% higher near $20.89.