The Active Network, the San Diego provider of online registration services that agreed to be taken private last month, said the buyers recently launched the tender offer payment for the company’s outstanding shares.
In September, Vista Equity Partners, with offices in Austin, San Francisco and Chicago, signed an agreement to acquire Active for $14.50 per share, or an aggregate $1.05 billion. VEP established an affiliate company Athlaction Merger Sub Inc. to conduct the purchase of Active’s common stock.
According to the agreement, shares not tendered in this process will be paid the $14.50 cash price without interest.
The tender offer is set to expire Nov. 6.
Since the acquisition was announced, the transaction has triggered numerous class action lawsuits, alleging that the company’s board of directors breached their fiduciary duties to shareholders by failing to adequately shop the company to other potential buyers before agreeing to the transaction.
Active announced in August that it was evaluating several expressions of interest ranging from investment to acquisition.
The offer price at the time the deal was announced was 111 percent above the stock’s average market price this year. At the close Oct. 9, shares, traded on Nasdaq under ACTV, were at $14.37. The 52-week range was $3.83 to $14.41.