Offer Update
MariaDB plc (NYSE: MRDB) announced that Meridian BidCo , an affiliate of K1 Investment Management, , has settled its unsolicited offer to purchase all issued and to-be-issued ordinary shares of MariaDB. Bidco now owns 88.70% of MariaDB's issued share capital as of July 22, 2024. Bidco intends to compulsorily acquire the remaining shares not acquired in the offer, applying provisions of the Companies Act of 2014 of Ireland.
Compulsory acquisition notices were sent to non-assenting shareholders on July 26, 2024. Unless the Irish High Court orders otherwise, remaining shares will be acquired by Bidco on or about August 26, 2024. Following this process, Bidco plans to delist MariaDB from the NYSE and terminate its registration under the Exchange Act.
MariaDB plc (NYSE: MRDB) ha annunciato che Meridian BidCo, un'affiliata di K1 Investment Management, ha concluso la sua offerta non richiesta per acquistare tutte le azioni ordinarie emesse e da emettere di MariaDB. BidCo ora possiede l'88,70% del capitale sociale emesso di MariaDB al 22 luglio 2024. BidCo intende acquisire in modo obbligatorio le azioni rimanenti non acquisite nell'offerta, applicando le disposizioni della Companies Act del 2014 dell'Irlanda.
Le notifiche di acquisizione obbligatoria sono state inviate agli azionisti non assenzienti il 26 luglio 2024. A meno che l'Alta Corte Irlandese non disponga diversamente, le azioni rimanenti saranno acquisite da BidCo intorno al 26 agosto 2024. Dopo questo processo, BidCo intende ritirare MariaDB dalla NYSE e terminare la sua registrazione ai sensi dell'Exchange Act.
MariaDB plc (NYSE: MRDB) anunció que Meridian BidCo, una afiliada de K1 Investment Management, ha cerrado su oferta no solicitada para adquirir todas las acciones ordinarias emitidas y por emitir de MariaDB. BidCo ahora posee el 88,70% del capital social emitido de MariaDB a partir del 22 de julio de 2024. BidCo tiene la intención de adquirir de forma obligatoria las acciones restantes no adquiridas en la oferta, aplicando las disposiciones de la Companies Act de 2014 de Irlanda.
Las notificaciones de adquisición obligatoria fueron enviadas a los accionistas que no dieron su consentimiento el 26 de julio de 2024. A menos que el Tribunal Superior de Irlanda ordene lo contrario, las acciones restantes serán adquiridas por BidCo alrededor del 26 de agosto de 2024. Después de este proceso, BidCo planea sacar a MariaDB de la NYSE y terminar su registro bajo el Exchange Act.
MariaDB plc (NYSE: MRDB)는 K1 Investment Management의 계열사인 Meridian BidCo가 MariaDB의 발행 및 발행 예정인 모든 보통주를 구매하기 위한 자발적인 인수 제안을 완료했다고 발표했습니다. BidCo는 2024년 7월 22일 기준으로 MariaDB의 발행 주식 자본의 88.70%를 보유하고 있습니다. BidCo는 2014년 아일랜드 기업법의 규정을 적용하여 제안에서 인수되지 않은 나머지 주식을 강제로 인수할 의도입니다.
강제 인수 통지는 2024년 7월 26일에 비동의 주주에게 발송되었습니다. 아일랜드 고등법원이 달리 명령하지 않는 한, 남은 주식은 2024년 8월 26일 경에 BidCo에 의해 인수될 것입니다. 이 절차가 진행된 후, BidCo는 MariaDB를 NYSE에서 상장 폐지하고 Exchange Act에 따라 등록을 종료할 계획입니다.
MariaDB plc (NYSE: MRDB) a annoncé que Meridian BidCo, une filiale de K1 Investment Management, a finalisé son offre non sollicitée d'achat de toutes les actions ordinaires émises et à émettre de MariaDB. BidCo détient maintenant 88,70 % du capital social émis de MariaDB depuis le 22 juillet 2024. BidCo a l'intention d'acquérir de manière obligatoire les actions restantes non acquises dans l'offre, en appliquant les dispositions de la Companies Act de 2014 en Irlande.
Des avis d'acquisition obligatoire ont été envoyés aux actionnaires non consentants le 26 juillet 2024. À moins que la Haute Cour d'Irlande n'ordonne le contraire, les actions restantes seront acquises par BidCo aux alentours du 26 août 2024. Suite à ce processus, BidCo prévoit de retirer MariaDB de la NYSE et de mettre fin à son enregistrement en vertu de l'Exchange Act.
MariaDB plc (NYSE: MRDB) hat bekannt gegeben, dass Meridian BidCo, ein Tochterunternehmen von K1 Investment Management, sein unaufgefordertes Angebot zum Kauf aller ausgegebenen und noch auszugebenden Stammaktien von MariaDB abgeschlossen hat. BidCo besitzt seit dem 22. Juli 2024 nun 88,70% des ausgegebenen Aktienkapitals von MariaDB. BidCo beabsichtigt, die verbleibenden nicht erworbenen Aktien aus dem Angebot zwangsweise zu erwerben und wendet dabei die Bestimmungen des Companies Act von 2014 in Irland an.
Zwangsübernahme-Ankündigungen wurden am 26. Juli 2024 an nicht zustimmende Aktionäre gesendet. Sofern das irische Obergericht nicht anders anordnet, werden die verbleibenden Aktien voraussichtlich am oder um den 26. August 2024 von BidCo erworben. Nach diesem Verfahren plant BidCo, MariaDB von der NYSE abzubestellen und die Registrierung gemäß dem Exchange Act zu beenden.
- Bidco has acquired 88.70% of MariaDB's issued share capital, indicating strong investor interest
- The acquisition process is progressing smoothly, with compulsory acquisition notices sent to remaining shareholders
- MariaDB will be delisted from the New York Stock Exchange, potentially reducing liquidity for remaining shareholders
- Company warrants will expire worthless, resulting in a loss for warrant holders
- Compulsory acquisition may force remaining shareholders to sell their shares without choice
The completion of Bidco's acquisition of MariaDB marks a significant milestone in the database technology sector. With 88.70% of MariaDB's shares now under Bidco's control, we're witnessing the final stages of this takeover.
The compulsory acquisition process for the remaining shares is a standard procedure in such scenarios. Non-Assenting Shareholders should be aware that their shares will likely be acquired at the Offer price by August 26, 2024, barring any successful legal challenges.
Of particular note is the fate of MariaDB's Warrants, which will expire worthless. This outcome underscores the importance of understanding the risks associated with derivative securities in M&A situations.
The impending delisting from the NYSE and termination of SEC reporting obligations will significantly alter MariaDB's public profile. This transition from a public to a private company under K1 Investment Management's control could potentially lead to:
- More agile decision-making without the pressures of quarterly reporting
- Increased focus on long-term strategy rather than short-term market expectations
- Potential for more aggressive growth strategies or restructuring
However, it also means reduced transparency for the broader market regarding MariaDB's performance and strategy going forward.
The compulsory acquisition process outlined in this announcement is governed by Sections 456 to 460 of the Companies Act of 2014 of Ireland. This legal mechanism allows Bidco to forcibly acquire the remaining shares, a common practice in takeovers where a high percentage of shares have been secured.
Non-Assenting Shareholders have options at this stage:
- Accept the inevitable acquisition at the Offer price
- Apply to the Irish High Court for an alternative arrangement, though the bar for success is typically high in such cases
The 30-day notice period is a critical timeframe for shareholders to consider their position. It's worth noting that the compulsory acquisition will proceed automatically unless successfully challenged in court.
The termination of MariaDB's registration under the Exchange Act is a significant legal step. It effectively ends the company's obligations as a publicly traded entity in the U.S., including regular financial disclosures and compliance with certain corporate governance standards.
Warrant holders should be particularly attentive to the statement that these securities will "expire worthless." This underscores the importance of carefully reviewing the terms of such instruments, especially in M&A scenarios.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY (IN WHOLE OR IN PART) IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.
COMPULSORY ACQUISITION NOTICES
According to the Bidco press release and as previously announced, Bidco now intends to apply the provisions of Sections 456 to 460 of the Companies Act of 2014 of
On July 26, 2024, Bidco sent compulsory acquisition notices (the “Notices”) to those MariaDB shareholders who did not accept the Offer (the “Non-Assenting Shareholders”). Following the expiration of 30 calendar days from the date of the Notices, which is expected to be August 25, 2024 (the “Expiration Time”), unless a Non-Assenting Shareholder has applied to the Irish High Court and the Irish High Court orders otherwise, the shares of MariaDB held by Non-Assenting Shareholders will be acquired compulsorily by Bidco (without any action on the part of such shareholders) on the same terms as the Offer, on or about August 26, 2024. The cash consideration payable will be settled no later than three business days after the Expiration Time. There will be no redemption rights or liquidating distributions with respect to the Company's Warrants, which will expire worthless.
Following the compulsory acquisition process, Bidco intends to cause the MariaDB Shares to be delisted from the New York Stock Exchange and terminate the registration of the MariaDB Shares under the
IMPORTANT NOTICES
ABOUT MARIADB
MariaDB is a new generation database company whose products are used by companies big and small, reaching more than a billion users through Linux distributions and have been downloaded over one billion times. Deployed in minutes and maintained with ease, leveraging cloud automation, MariaDB database products are engineered to support any workload, any cloud and any scale – all while saving up to
RESPONSIBILITY STATEMENT
The directors of the Company accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the directors (who have taken all reasonable care to ensure that such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.
FORWARD-LOOKING STATEMENTS
Certain statements in this announcement are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words indicating future events and actions, such as “will” and “may,” and variations of such words, and similar expressions and future-looking language identify forward-looking statements, but their absence does not mean that the statement is not forward-looking. The forward-looking statements in this announcement include statements regarding the Offer and related actions and events. Forward-looking statements are not guarantees of future events and actions, which may vary materially from those expressed or implied in such statements. Differences may result from, among other things, actions taken by the Company or its management or board or third parties, including those beyond the Company’s control. Such differences and uncertainties and related risks include, but are not limited to, any negative effects of this announcement or failure to consummate a transaction on the market price of the ordinary shares and other Company securities (including warrants), and potentially significant transaction and related costs. The foregoing list of differences and risks and uncertainties is illustrative, but by no means exhaustive. For more information on factors that may affect the Offer and related actions and events, please review “Risk Factors” described in the Company’s filings and records filed with the United States Securities and Exchange Commission. These forward-looking statements reflect the Company’s expectations as of the date hereof. The Company undertakes no obligation to update the information provided herein.
FURTHER INFORMATION
The release, publication or distribution of this announcement in, into, or from, certain jurisdictions other than
No statement in this announcement is intended to constitute a profit forecast for any period, nor should any statements be interpreted as an indication of what the Company’s future financial or operating results may be, nor should any statements be interpreted to mean that earnings or earnings per share will necessarily be greater or lesser than those for the relevant preceding financial periods for the Company. No statement in this announcement constitutes an asset valuation. No statement in this announcement constitutes an estimate of the anticipated financial effects of an acquisition of the Company, whether for the Company or any other person.
REQUESTING HARD COPY INFORMATION
Any MariaDB shareholder may request a copy of this announcement in hard copy form by writing to Investor Relations via e-mail at ir@mariadb.com. Any written requests must include the identity of the MariaDB shareholder and any hard copy documents will be posted to the address of the MariaDB shareholder provided in the written request.
A hard copy of this announcement will not be sent to MariaDB shareholders unless requested.
Source: MariaDB
View source version on businesswire.com: https://www.businesswire.com/news/home/20240725543747/en/
Investors:
ir@mariadb.com
Media:
pr@mariadb.com
Source: MariaDB
FAQ
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