New Relic Says HSR Waiting Period Has Expired; Says None Of The 53 Parties Contacted Submitted Competing Acquisition Proposal During "Go-Shop" Period; Francisco Partners & TPG Deal Remains On Track To Close Late 2023 Or Early 2024
Portfolio Pulse from Benzinga Newsdesk
New Relic announced that the HSR waiting period has expired and none of the 53 parties contacted submitted a competing acquisition proposal during the 'Go-Shop' period. The deal with Francisco Partners & TPG remains on track to close late 2023 or early 2024.
September 14, 2023 | 10:10 am
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NEUTRAL IMPACT
New Relic's acquisition by Francisco Partners & TPG is on track with no competing proposals received. The deal is expected to close late 2023 or early 2024.
The news directly pertains to New Relic (NEWR) and its ongoing acquisition process. The absence of competing proposals and the expiration of the HSR waiting period are positive signs for the completion of the deal. However, the impact on the stock price in the short term is neutral as the deal is expected to close late 2023 or early 2024.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100