Under the terms of the agreement that went public Monday, Infoblox (NYSE: BLOX) stockholders will receive $26.50 per share of common stock in cash, which represents a 33 percent premium to Infoblox’s average closing share price over the last 60 trading days. The agreement was unanimously approved by Infoblox’s board of directors.
The company’s stock shot up 15 percent on news of the deal and the transaction is expected to close in the second quarter of Infoblox’s fiscal year. The company will maintain its headquarters in Santa Clara, California, and retain its current executive team.
CEO Jesper Andersen heads up the company, which was founded in 1999 to develop security software, including tech that automates enterprise-based computer-network functions. The company went public back in 2012 and, though it lost nearly half its value during the past year, it’s value leaped in May when it was reported the company had received a private buyout offer.
Infoblox had been under pressure from activist fund Starboard Value LP to explore a sale. In late August, Reuters cited unnamed sources who said the company was launching the sales process after private equity firms said they were interested. Infoblox’s board of directors evaluated multiple bidders before deciding on the Austin, Texas-based Vista.