Security vendor Imperva has announced an agreement to be acquired by private equity firm Thoma Bravo. Imperva will operate as a privately held company when the deal, valued at approximately $2.1 billion, closes at the end of 2018 or beginning of 2019.

Imperva shareholders will receive $55.75 per share in cash on closing. The purchase agreement allows for a 45-day “go-shop” period for Imperva, during which the company can look for a superior offer and enter into negotiations. The purchase is also subject to Imperva shareholder approval and regulatory review.

Shortly after the sale was announced, law firms Johnson Fistel and Rigrodsky Long issued press releases stating that they have launched independent investigations into whether Imperva’s board had breached its fiduciary duty to shareholders by not actively seeking buyers offering a higher price. As evidence for its investigation, Johnson Fistel stated that a Wall Street analyst has established a $65 per share target for the stock.

Qatalyst Partners is acting as Imperva’s financial adviser in the transaction.

Read more details here, here, and here.

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