Forescout Provides Update Regarding Pending Acquisition by Advent International
May 18 2020 - 8:00AM
Forescout Technologies, Inc. (Nasdaq: FSCT), the leader in device
visibility and control, today provided an update regarding its
pending acquisition by affiliates of Advent International
Corporation (“Advent”).
On May 15, 2020, Advent provided notice to Forescout that it
would not be proceeding to consummate the acquisition of Forescout
on May 18, 2020, as scheduled. Forescout and Advent are engaged in
ongoing discussions regarding timing to close and the terms of the
transaction. There can be no assurance that Forescout and Advent
will be able to reach agreement on terms.
“This is an uncertain time for everyone, as businesses and
communities across the world navigate the challenges created by the
COVID-19 pandemic,” said Michael DeCesare, CEO and President of
Forescout. “We continue to believe that Advent is the right partner
for Forescout and we remain committed to completing the transaction
in the near-term. We thank our employees for their extraordinary
efforts and commitment to Forescout, and we remain focused on
continuing our course of advancing our innovation roadmap and
strategic cloud and business transformation.”
Forescout and Advent have received all necessary approvals to
complete transaction.
Morgan Stanley & Co. LLC is serving as exclusive financial
advisor to Forescout and Wilson Sonsini Goodrich & Rosati is
serving as legal counsel.
About Forescout
Forescout provides security at first sight. Our company delivers
device visibility and control to enable enterprises and government
agencies to gain complete situational awareness of their
environment and orchestrate action. Learn more at
forescout.com.
Forward-Looking Statements
This press release contains forward-looking statements that
involve risks and uncertainties, including statements regarding the
pending acquisition of Forescout by Advent. These forward-looking
statements involve risks and uncertainties. If any of these risks
or uncertainties materialize, or if any of our assumptions prove
incorrect, Forescout’s actual results could differ materially from
the results expressed or implied by these forward-looking
statements. These risks and uncertainties include risks associated
with: the risk that the conditions to the closing of the
transaction are not satisfied; potential litigation relating to the
transaction; uncertainties as to the timing of the consummation of
the transaction and the ability of each party to consummate the
transaction; risks that the proposed transaction disrupts the
current plans and operations of Forescout; and the risks described
in the filings that Forescout makes with the Securities and
Exchange Commission from time to time, including the risks
described under the headings “Risk Factors” and “Management
Discussion and Analysis of Financial Condition and Results of
Operations” in our Annual Report on Form 10-K, which was filed with
the Securities and Exchange Commission (SEC) on February 28, 2020,
as amended by Amendment No. 1 on Form 10-K/A to our Annual Report
on Form 10-K, which was filed the SEC on April 29, 2020, and which
should be read in conjunction with our financial results and
forward-looking statements, and is available on the SEC filings
section of the Investor Relations page of our website at
https://investors.Forescout.com. Additional information is set
forth in our Quarterly Report on Form 10-Q for the quarter ended
March 31, 2020, which was filed with the SEC on May 11, 2020. All
forward-looking statements in this press release are based on
information available to us as of the date hereof, and we do not
assume any obligation to update the forward-looking statements
provided to reflect events that occur or circumstances that exist
after the date on which they were made, except as required by
law.
Contacts
Investor Relations:Michelle
Spolver408-721-5884michelle.spolver@forescout.com
Media Relations:Katie
Beck650-314-8705katie.beck@forescout.com
or
Joele Frank, Wilkinson Brimmer Katcher:Joele
Frank / Jed Repko / Andrew Siegel 212-355 4449
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