(Alliance News) - Thoma Bravo LLC on Friday saw support for its Sophos Group PLC bid shrink somewhat, as it reported that shares were sold by two Sophos co-founders.
Peter Lammer and Jan Hruska sold 23.9 million shares in FTSE 250 cybersecurity firm Sophos in total, equivalent to a 4.9% stake, for a combined USD174.9 million.
Shares in Sophos were up 0.2% at 568.20 pence in London on Friday morning.
As a consequence of the transaction, the number of Sophos shares pledged in favour of the deal has fallen to 23.3% of shares from 28%.
While Lammer and Hruska had both legally committed to vote in favour of the GBP3 billion acquisition by Surf Buyer Ltd, a newly formed company owned by funds managed or advised by Thoma Bravo LLC, they were permitted to sell less than 30% of their Sophos holding before the vote.
This follows a previous, albeit less significant, reduction in irrevocable undertakings earlier in the month after former chief financial officer Nick Bray sold his 0.1% stake in the company when he stepped down.
By Anna Farley; annafarley@alliancenews.com
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