NEWS!
$System1(SST.US$ Watching for a answer?
On September 6, 2023, System, Inc. (the “Company”) issued a press release (the “Press Release”) announcing that it had received a non-binding indication of intent (the “IOI”) from Just Develop It Limited (“JDI”) regarding a potential acquisition of Total Security Limited (“Total Security”), the Company’s subscription offering. The offer provided for in the IOI consists of $240.0 million in cash, the assumption or cancellation of certain potential earnout payments in respect of Total Security and the repurchase or redemption of approximately 29 million shares of the Company’s Class A common stock held by JDI and certain of its related parties.
The Press Release also announced that a special committee of the Company’s board of directors has been formed to evaluate the offer set forth in the IOI, and the special committee together with its legal and financial advisors will evaluate the offer as well as consider alternative transactions. There can be no assurances that the transaction described in the IOI, or any other transaction, will be completed or, if so, as to the timing, price and other terms and conditions of any such transaction.
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