EngageSmart announces expiration of ‘go-shop’ period

EngageSmart announced the expiration of the 30-day “go-shop” period under the terms of the previously announced definitive merger agreement, pursuant to which an affiliate of Vista Equity Partners will acquire EngageSmart for $23.00 per share in cash. The “go-shop” period expired at 11:59 p.m. ET on November 22, 2023. Pursuant to the definitive merger agreement, EngageSmart and its representatives had the right to solicit and consider alternative acquisition proposals from third parties during the “go-shop” period. EngageSmart did not receive any alternative acquisition proposals from any third party during the “go-shop” period. The transaction is expected to close in the first quarter of 2024, subject to customary closing conditions and receipt of customary regulatory approvals, as well as the affirmative vote of the holders of a majority of the outstanding shares of the company’s common stock held by stockholders other than affiliates of General Atlantic, L.P. and certain officers of the company. Upon completion of the transaction, EngageSmart will become a privately held company, affiliates of Vista will hold approximately 65% of the outstanding equity, and affiliates of General Atlantic will hold approximately 35% of the outstanding equity.