Forescout, Advent In Talks On Timing To Close Their Merger

(RTTNews) - Forescout Technologies Inc. (FSCT), in an update regarding its pending acquisition by affiliates of Advent International, said that they are engaged in ongoing discussions regarding timing to close and the terms of the transaction. There can be no assurance that Forescout and Advent will be able to reach agreement on terms.

Last Friday, Advent informed Forescout that it would not be proceeding to consummate the acquisition of Forescout on May 18, 2020, as scheduled.

"This is an uncertain time for everyone, as businesses and communities across the world navigate the challenges created by the COVID-19 pandemic," said Michael DeCesare, CEO and President of Forescout.

Forescout and Advent have received all necessary approvals to complete transaction.

In February, Forescout agreed to be acquired by private equity group Advent International in an all-cash transaction valued at $1.9 billion.

As per the terms of the deal, Advent would acquire all outstanding shares of Forescout common stock for $33.00 per share. Advent would be joined by Crosspoint Capital Partners, a private equity investment firm focused on the cybersecurity and privacy industries, as a co-investor and advisor.