Spruce Point Capital Management Urges Advent International to Reevaluate or Abandon Its Agreement to Purchase Forescout Technologies (NASDAQ: FSCT)
FORESCOUT TECHNOLOGIES (FSCT)
Last forescout technologies earnings: 2/6 08:05 am
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US:NASDAQ Investor Relations:
investors.forescout.com/investor-relations
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Source: PR Newswire
NEW YORK, April 30, 2020 /PRNewswire/ -- Spruce Point Capital Management has issued a letter sent to the management of Advent International ("Advent") recommending that Advent critically reexamine its agreement to purchase Forescout Technologies, Inc. ("Forescout" or "the Company"). Accompanying the letter is a report supporting our view that the deal price could be revised lower by up to 35%-50%, if not called off entirely. We will be sharing details of our thoughts and research opinions throughout the day exclusively on Twitter @sprucepointcap.On February 6, 2020 Forescout announced its purchase by Advent for $33/share in a $1.8bn deal. We believe investors ascribe too high a probability that it's a done deal. Upon conducting a forensic analysis of deal proxy statements, we observe that some financial forecasts reviewed by Forescout internally may not have been shared with prospective acquirers – and that some of these forecasts were materially worse than those known to be disclosed
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