(Alliance News) - Barclays Bank PLC on Wednesday said Sophos co-founders Peter Lammer and Jan Hruska are intending to sell as many as 23.9 million shares in the cybersecurity firm.
The shares represent an approximately 4.9% stake in Sophos and are being sold via an accelerated bookbuilding process. Once the deal is complete, Lammer will hold a 6.1% stake in Sophos while Hruska's stake will be 5.3%.
Surf Buyer Ltd - a newly formed company owned by funds managed or advised by Thoma Bravo LLC - is proposing to acquire Sophos in a GBP3 billion deal. Lammer and Hruska have provided irrevocable undertakings to vote in favour of the acquisition but are permitted to sell less than 30% of their holdings before the vote.
Barclays Bank PLC and UBS AG London Branch will act as joint global coordinators in the deal while NM Rothschild & Sons Ltd will act as sole financial advisor to Lammer and Hruska.
On Monday last week, the Surf Buyer offer had the support of 28% of the firm's shareholders.
Shares in Sophos closed down 0.2% at 568.00 pence in London on Wednesday.
By Anna Farley; annafarley@alliancenews.com
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