Lionbridge Agrees To Be Acquired By H.I.G. Capital For $5.75/shr In Cash

(RTTNews) - Lionbridge Technologies, Inc. (LIOX) said that it has signed a definitive agreement to be acquired by an affiliate of H.I.G. Capital, LLC, a private equity investment firm.

Under the terms of the agreement, Lionbridge stockholders will receive $5.75 per share in cash for each share of Lionbridge common stock, representing a 17% premium over Lionbridge's 60 day-weighted average price per share as of December 09, 2016.

Members of Lionbridge's Board of Directors voting on the matter have unanimously approved the merger agreement and agreed to recommend that stockholders adopt the agreement.

Lionbridge will undertake a 45-day "go-shop" period, commencing immediately, during which the Lionbridge Board, with the assistance of its financial and legal advisors, will actively solicit, evaluate and potentially enter into negotiations with parties who offer alternative proposals.

Closing of the transaction is subject to customary closing conditions, including, among others, the affirmative vote in favor of the transaction by holders of a majority of the Company's outstanding common stock and the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

It is anticipated that the special meeting of Lionbridge's stockholders to vote on the transaction will be held in the first quarter of 2017, and, if the transaction is approved, the merger would be expected to close shortly thereafter.