ACTIVE Network To Be Purchased By Vista Equity Partners For About $1.05 Bln

(RTTNews) - ACTIVE Network (ACTV) said it would be acquired by Vista Equity Partners, a private equity firm focused on investments in software, data and technology-enabled businesses, for nearly $1.05 billion cash. As part of the deal, Vista would begin a tender offer to buy all outstanding common shares of ACTIVE for $14.50 per share cash, representing a premium of around 111% to ACTIVE's year to date average closing stock price. The ACTIVE Network's board unanimously urges that ACTIVE stockholders tender their shares in the tender offer.

The closing of the transaction is expected to happen before the fourth quarter 2013 end, following which ACTIVE would be a privately held company.

ACTIVE Network intends to release its third quarter earnings after market close on Wednesday, October 30, 2013 and does not plan to hold a conference call to discuss earnings given the announced sale of the company.