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Entrust investor does turnabout, now favoring merger with equity firm
By Susanna Moon
Chicago, July 17 - Entrust, Inc. investor Arnhold and S. Bleichroeder Advisers, LLC said it will now vote in favor of the company's merger with an affiliate of Thoma Bravo, LLC as amended on July 10, according to a schedule 13D filing with the Securities and Exchange Commission.
The shareholder's meeting has been rescheduled for July 28.
The investor said on June 18 that it intended to vote its shares against the company's merger agreement with Thoma Bravo at Entrust's special meeting on July 10.
The investor, in a letter to fellow Entrust shareholders, had said the case by the board of directors for selling Entrust was "unconvincing."
"The company has ample cash on hand, a sustainable and robust government line of business, and several highly regarded products with potential to add growth to the business model in the near term," the letter had said.
In addition, the investor said it was concerned that the Entrust board's vote on the Thoma Bravo deal was not unanimous.
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 remained May 11, it would be eligible to vote 2 million of those shares.
Entrust announced in April that it agreed to be acquired by an affiliate of Thoma Bravo for $1.85 per share.
As previously reported, the transaction has a total equity value of $114 million.
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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