Entrust, Thoma Bravo merger receives support of proxy advisory firms

By Lisa Kerner

Charlotte, N.C., July 7 - Glass, Lewis & Co. and Proxy Governance, Inc. both recommended that Entrust, Inc. shareholders vote for the proposal to approve the merger of Entrust with HAC Holdings, Inc., an entity controlled by a private equity fund associated with Thoma Bravo, LLC, it was announced on Tuesday.

The transaction, if approved at the special meeting on Friday, is expected to close in the third quarter of 2009.

Entrust announced in April that it agreed to be acquired by an affiliate of Thoma Bravo for $1.85 per share.

As previously reported, Entrust investor Arnhold and S. Bleichroeder Advisers, LLC said it will vote its shares against the company's merger agreement with Thoma Bravo.

Arnhold and S. Bleichroeder Advisers beneficially owns 3.2 million shares, or 5.2%, of Entrust common stock. It said that assuming the record date remains May 11, it is eligible to vote 2 million of those shares.

Entrust's software and associated services let businesses and governments conduct transactions over wired and wireless networks, including the internet. The company is located in Addison, Texas.

Thoma Bravo is a private equity investment firm with offices in Chicago and San Francisco.

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