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GlobalSCAPE (NYSE American: GSB) announced the expiration of its 35-day "go-shop" period related to its merger agreement with HelpSystems, LLC, for $9.50 per share in cash. The process involved contacting 186 parties, with 8 engaged, but no alternative proposals were received. Following this, GlobalSCAPE is subject to "no-shop" restrictions, limiting further solicitation of offers. The tender offer commenced on July 31, 2020, and is set to expire on August 27, 2020. Stockholders are advised to read all relevant materials regarding the proposed acquisition carefully.
GlobalSCAPE, Inc. (NYSE American: GSB) reported its fiscal second-quarter results for 2020, revealing a revenue of $10.0 million, a 2% decline from $10.3 million in Q2 2019. Gross margin decreased to 84%, with $8.4 million reported. Operating expenses saw a 4% increase to $4.3 million. Net income fell by 4% to $3.5 million, translating to $0.18 EPS compared to $0.20 a year earlier. Adjusted EBITDA was $5.0 million, down from $5.6 million. Additionally, GlobalSCAPE announced a definitive merger agreement with HelpSystems for $9.50 per share.
On July 20, 2020, GlobalSCAPE announced a definitive merger agreement with HelpSystems, where HelpSystems will acquire all outstanding shares of GlobalSCAPE for $9.50 per share in cash, reflecting a 16% premium over its previous closing price. The transaction is valued at approximately $217 million and aims to strengthen HelpSystems' cybersecurity offerings. The merger has been unanimously approved by both companies' boards and is subject to stockholder approval, regulatory approvals, and customary conditions. A go-shop period ends on August 24, 2020.
