Funds affiliated with Crosspoint Capital Partners, LP completed the acquisition of Absolute Software Corporation from Edenbrook Capital, LLC and others.
The acquisition will require the approval of shareholders of Absolute Software and will be subject to court and regulatory approvals and clearances, the aggregate number of Absolute Shares held by Absolute Shareholders that have validly exercised Dissent Rights in connection with the Arrangement shall not exceed 10% of the number of Absolute Shares then outstanding, as well as other customary closing conditions. The acquisition was approved unanimously by Absolute Software Board. As of June 29, 2023, the securityholders of Absolute Software Corporation have approved the acquisition. As of July 4, 2023, the Supreme Court of British Columbia issued a final order approving the plan of arrangement. The Arrangement remains subject to customary closing conditions, including approval under Australia?s Foreign Acquisitions and Takeovers Act 1975 (the ?FATA?). As per filling on July 12, 2023, Crosspoint Capital obtained a no objection notification under Australia?s Foreign Acquisitions and Takeovers Act 1975 in connection with the previously announced acquisition of all of the outstanding shares of Absolute Software Corporation. The acquisition is expected to be completed during the second half of 2023. As per filling on July 12, 2023, the transaction is expected to close later this month.
Perella Weinberg Partners is serving as Absolute?s financial advisor in connection with the acquisition, with Raymond James Ltd. also providing financial advice to the Special Committee. The Company's legal advisors in connection with the Acquisition are Steve Tonsfeldt and Rishab Kumar of Cooley LLP and Steven McKoen of Blake, Cassels & Graydon, LLP. Thomas Holden of Ropes & Gray and David Tardif and Olivier Godbout of Stikeman Elliott acted as legal advisors and Barclays acted as financial advisor to Crosspoint. Perella Weinberg Partners LP and Raymond James Ltd. acted as fairness opinion providers to special committee. Wilson Sonsini Goodrich & Rosati, P.C. acted as legal advisor to Absolute Software Corporation. Borden Ladner Gervais LLP acted as Canadian counsel to the lender that will finance the Crosspoint in the transaction.
Funds affiliated with Crosspoint Capital Partners, LP completed the acquisition of Absolute Software Corporation (TSX:ABST) from Edenbrook Capital, LLC and others on July 27, 2023. As a result of the completion of the acquisition, Absolute?s common shares will be delisted from the Toronto Stock Exchange on or about August 1, 2023 and the Nasdaq Global Select Market on or about August 6, 2023.