Vector Capital extends tender offer for SafeNet to April 11

By Lisa Kerner

Charlotte, N.C., April 9 - Vector Capital subsidiary Stealth Acquisition Corp. extended its $28.75-per-share cash tender offer for all of the outstanding shares of common stock of SafeNet, Inc. to April 11, from April 6, to allow for additional shares to be tendered.

Preliminary results show that 15,342,168 shares, or 78% of those outstanding, have been validly tendered as of April 6, according to a company news release.

The offer, announced on March 5, is conditioned upon at least 78% of SafeNet's shares being tendered in the offer.

The $634 million transaction is expected to close in the second quarter.

Vector, a private equity firm, will finance the deal using its own equity and through debt financing committed by Deutsche Bank and Citigroup Global Markets, a news release stated.

SafeNet is an information security company located in Baltimore, Md.

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