Bankrate shareholders tender about 5.4 million shares in Apax offer

By Lisa Kerner

Charlotte, N.C., Aug. 25 - Apax Partners announced that a total of approximately 5,397,131 shares of Bankrate, Inc. common stock were tendered in Apax's $28.50-per-share offer that ended on Monday.

The total includes about 635,671 shares delivered through notices of guaranteed delivery and represents approximately 28% of Bankrate's outstanding shares.

Together with shares subject to support agreements entered into by some Bankrate directors and officers, Apax received a total of 52% of Bankrate's outstanding shares, an Apax news release said.

Apax exercised its top-up option to purchase about 56 million newly issued shares at $28.50 each, raising its ownership to approximately 80% of Bankrate's outstanding shares on a fully diluted basis.

According to Apax, it will complete its acquisition of Bankrate via a short-form merger.

Bankrate is a North Palm Beach, Fla., online consumer banking and personal finance network.

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