Entrust, a spinoff from Nortel back in the late 90’s was sold to Thoma Bravo yesterday. Shareholders approved the deal for $2 per share with the required two-thirds majority.
The deal was sold strongly by Entrust management. Thoma Bravo intends to leave existing management in place and will pay them cash incentives now that the deal has been approved.
It is somewhat ironic that at the same time pieces of Nortel are being sold off to the highest bidder, the Nortel spinoff Entrust was sold to Thoma Bravo. However, it is less clear in the Entrust case that it was sold to the highest bidder.