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Ancora Holdings Group, a significant stakeholder in Everbridge (NASDAQ: EVBG), expresses concerns over the company's board's reluctance to explore acquisition offers. Ancora claims multiple financial sponsors are interested in acquiring Everbridge, and one sponsor reported an unsatisfactory response from the board. Ancora emphasizes that Everbridge is undervalued, suggesting a potential sale could exceed $70 per share based on market comparisons and recent software transactions. The firm calls for the board to engage with potential buyers to maximize shareholder value.
Positive
Ancora believes multiple financial sponsors are interested in acquiring Everbridge.
Potential sale price could exceed $70 per share, indicating significant upside for shareholders.
Negative
Board's conduct is viewed as unacceptable for not pursuing acquisition interests.
A tepid response to acquisition offers may hinder shareholder value realization.
Believes Multiple Financial Sponsors Have Interest in Acquiring the Company
Urges Board to Initiate a Review of Strategic Alternatives and Promptly Engage with Interested Suitors
CLEVELAND--(BUSINESS WIRE)--
Ancora Holdings Group, LLC (together with its affiliates, “Ancora” or “we”), a significant shareholder of Everbridge, Inc. (NASDAQ: EVBG) (“Everbridge” or the “Company”), today issued the below statement as a follow-up to its March 17th letter that urged the Board of Directors (the “Board”) to explore strategic alternatives.
Fredrick D. DiSanto, Chairman and Chief Executive Officer of Ancora, and James Chadwick, President of Ancora Alternatives LLC, commented:
“We believe multiple financial sponsors have interest in pursuing an acquisition of Everbridge. In fact, one financial sponsor told us after seeing our March 17th letter that it informed the Company of its interest before ultimately receiving a tepid response. If this is true, we find the Board’s conduct unacceptable. We urge the Board to immediately initiate a strategic process to evaluate sale opportunities and engage with a broad set of potential buyers. We continue to believe Everbridge is dramatically undervalued at current share price levels, and a sale to a well-capitalized acquirer could deliver more than $70 per share for shareholders based on recent valuation multiples for both public and private company peers as well as recent software transactions.1 We intend to do everything in our power to hold the incumbents accountable if they do not pursue a value-maximizing sale.”
About Ancora
Founded in 2003, Ancora Holdings Group, LLC offers integrated investment advisory, wealth management and retirement plan services to individuals and institutions across the United States. The firm's comprehensive service offering is complemented by a dedicated team that has the breadth of expertise and operational structure of a global institution, with the responsiveness and flexibility of a boutique firm. For more information about Ancora, please visit https://ancora.net.
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1 Ancora estimate of more than $70 per share reflects approximately 7.5x EV/Sales.
