Majesco To Be Taken Private By Thoma Bravo For $13.10 Per Share In Cash – Quick Facts
Insurance software company Majesco (MJCO) announced Monday that it has signed a definitive agreement to be taken private by private equity firm Thoma Bravo, L.P. in a transaction valuing the company at $594 million.
Under the terms of the agreement, all Majesco shareholders of record will receive $13.10 in cash for each share of Majesco common stock upon closing of the transaction. The price represents a premium of approximately 74% over Majesco’s average closing price during the 30-trading day period ended July 17, 2020.
The proposed merger, unanimously approved by Majesco’s Board of Directors, is expected to close on or before the end of 2020. It is subject to the approval of Majesco shareholders and the approval of the shareholders of Majesco’s parent company, Majesco Limited.
Majesco Limited’s Board of Directors has also unanimously approved the divestment of Majesco and recommended to its shareholder to approve the transaction.
Upon completion of the transaction, Majesco expects to continue to operate under the leadership of CEO Adam Elster and the existing Majesco Leadership Team. Following the closing of the transaction, Majesco will operate as a privately held company.
European Economics Preview: Eurozone Current Account Data Due
Current account data from euro area is due on Monday, headlining a light day for the European economic news.
At 2.00 am ET, Destatis is scheduled to release Germany’s producer prices for June. Prices are forecast to drop 1.6 percent annually, slower than the 2.2 percent fall seen in May.
At 3.00 am ET, unemployment data is due from Slovakia. Economists forecast the jobless rate to rise to 8 percent in June from 7.2 percent in May.
At 4.00 am ET, the European Central Bank releases euro area current account data for May. The surplus totaled EUR 14.4 billion in April.
In the meantime, industrial production and producer prices are due from Poland. Industrial production is expected to fall 6.9 percent on year in June, slower than the 17 percent fall seen in May. Economists forecast producer prices to drop 1 percent annually, smaller than the 1.5 percent fall in May.
At 6.00 am ET, Germany’s central bank publishes monthly report.
Sony to limit PlayStation 5 sales to one per customer
It looks like Sony is bracing for high demand for its upcoming PlayStation 5.
The video game juggernaut will be limiting sales of its new console to one per person, according to an eagle-eyed gamer who was digging through the PlayStation website’s backend code.
“You can only purchase one version of the PS5 Console: Disc or Digital,” reads a pop-up that will be displayed to customers who try to buy multiple consoles. “You have already added one PS5 console to your cart.”
Sony is expecting a rush for the high-powered device as the consumer appetite for gaming has surged due to the coronavirus keeping people indoors. The Japanese juggernaut is reportedly ramping up production and plans to have 10 million consoles available when the PS5 is released later this year.
Sony has yet to announce an official launch date or price for its upcoming game system, saying only that it will be available in time for the holiday season.
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Nikola stock tanks on plan for 24M share offering
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Nikola Corp. shares plunged Monday after a regulatory filing showed the company is planning to issue up to 23.9 million shares.
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The Phoenix-based electric-truck maker said late Friday that it will issue warrants that allow holders to buy shares at $11.50 apiece – 76 percent below the $48.84 where they settled on Friday. The total number of shares outstanding will rise from 360.9 million to 384.8 million if all of the warrants are exercised.
Nikola plans to use the proceeds from the warrants for general corporate purposes.
In the filing, Nikola also announced exiting shareholders could sell up to 53.4 million shares.
Nikola is set to report its second-quarter results on Aug. 4. Wall Street analysts surveyed by Refinitiv expect a 13-cent per-share loss on revenue of $30,000.
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Shares were up 45 percent through Friday since going public on June 3 at $33.69 apiece.
Watch live: New York Gov. Andrew Cuomo holds a press conference on the coronavirus outbreak
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New York Gov. Andrew Cuomo is holding a news conference Monday as every region of the state moves forward with the final phase of reopening, although the governor has shown some caution as outbreaks surge in other parts of the country.
New York City has been cleared to enter phase four of the state’s reopening on Monday, but will see some restrictions. Phase four will allow for more outdoor activities such as zoos, outdoor films and gardens, but indoor operations, such as indoor dining at restaurants and shopping at malls, will remain closed, Cuomo said.
“Every region of the state will now be in Phase Four. There are no more phases,” Cuomo said in a press release. “And that’s great. Every region has made it through the four phases without having to close.”
Cuomo has been critical of some New York City businesses, however, saying there was “significant evidence” some city restaurants were violating social distancing policies designed to contain the spread of Covid-19.
On Thursday, he outlined a new order that would close a restaurant after three violations. Egregious violators could face immediate closure and lose their liquor license.
Read CNBC’s live updates to see the latest news on the Covid-19 outbreak.