Carbonite shares soar on buy offer

Written By Unknown on Kamis, 04 Desember 2014 | 12.33

Shares of Boston tech company Carbonite skyrocketed yesterday after the firm said it had received, and was considering, an acquisition offer from a California-based cloud services and digital media company.

Carbonite, a cloud storage and data backup company, disclosed in an SEC filing yesterday that j2 Global, which is headquartered in Los Angeles, had submitted an unsolicited offer to buy the company.

"J2 is ready, willing and able to acquire all outstanding shares of Carbonite stock that j2 does not now already own at a price of $15 per share payable in cash, representing a 28 percent premium" on Tuesday's closing price, according to a letter from j2 chairman Richard Ressler to Carbonite executives.

Ressler said Carbonite CEO David Friend told him the company was open to a sale "at the 'right price.'"

J2 tried to buy Carbonite more than two years ago, offering $10.50 per share.

Shares of Carbonite shot up 22.79 percent yesterday, closing at $14.44. The offer values Carbonite at just over $400 million.

Carbonite is not immediately rejecting the offer, said spokeswoman Megan Wittenberger.

"Our board — for the stockholders' sake — reviews any material offers," Wittenberger said. "We've received unsolicited offers in the past."


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