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Insight Venture Partners to Acquire Online Oollaboration Specialist Diligent in USD 624m Deal.

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Vincent

MANews-(C)2009-2016

16 February 2016 - New Zealand-based Diligent Corp. (NZX: DIL), provider of secure online collaboration and document sharing solutions for boards, committees and leadership teams, has entered into a definitive agreement to be acquired by US-based venture capital and private equity firm Insight Venture Partners, the company said.

Under the terms of the agreement, Diligent stockholders will receive USD 4.90 (NZD 7.391) in cash for each share of Diligent stock, a consideration which values Diligent at approximately USD 624m (approximately NZD 941 m), including cash.

Diligent's board of directors has unanimously approved the transaction and resolved to recommend that stockholders vote in favor of the agreement.

The transaction represents a 31% premium over the closing share price of NZD 5.64 (USD 3.741) on February 12, 2016.

This transaction is subject to the approval of a majority of the outstanding shares of Diligent common stock and preference shares, voting as one class, the approval of at least 60% of the outstanding Diligent preference shares, voting separately, regulatory approvals and other customary closing conditions, including that the existing directors will resign on closing.

Holders of Diligent's preference shares, including Spring Street Partners, L.P., Diligent's largest shareholder, have entered into voting agreements in support of the transaction.

A special meeting of Diligent's...

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