Yext CEO submits acquisition proposal for $9.00 per share in cash

Yext (YEXT) announced that Michael Walrath, its CEO and chairman of the board of directors, has submitted a proposal to acquire all outstanding shares of the company not already owned by him at a price of $9.00 per share in cash. Walrath has indicated that the proposal is backed by reputable and well-capitalized financing sources that have expressed support for the proposal subject to customary confirmatory diligence. Yext’s board of directors has formed a special committee of independent directors to evaluate the proposal. The special committee will work with its legal and financial advisors to carefully review and consider the proposal, as well as any other strategic alternatives that may be available, consistent with its fiduciary duties to stockholders. There can be no assurance that the proposal will result in any transaction, or that any transaction will be approved or consummated. The proposal is non-binding and subject to customary conditions, including negotiation of definitive agreements and the completion of satisfactory due diligence.