WASHINGTON (dpa-AFX) - Blue Coat Systems, Inc. (BCSI) said it has entered into a definitive agreement to be acquired by an investor group led by San Francisco-based private equity investment firm Thoma Bravo, LLC, in a transaction valued at around $1.3 billion. Blue Coat Systems expects the transaction to close in the first calendar quarter of 2012.
Blue Coat Systems noted that its Board of Directors approved the agreement and resolved to recommend that the shareholders of the company adopt the agreement. The company added that it will continue to operate with its focus on Web security and WAN optimization.
As per the terms of the agreement, shareholders of Blue Coat Systems will receive $25.81 in cash for each share of the company's common stock they hold, representing a premium of around 48% over Blue Coat Systems' closing price on December 8, 2011 and a premium of approximately 62% over the 60-day trailing average for the period ended December 8, 2011.
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