Clearwater Analytics (CWAN) said Thursday that most Enfusion (ENFN) shareholders will receive a pro-rated combination of $5.85 in cash plus 0.2159 of a Clearwater share for each share they own following the deadline Wednesday for shareholders to indicate their payment preferences.
Based on Clearwater's volume-weighted average share price of $23.24 over the prior 10 days, the deal will value Enfusion at $10.87 per share, or slightly more than $1.41 billion overall. Because more than 86% of the company's shareholders chose to be compensated either in cash or through a combination of cash and stock, Clearwater needed to pro-rate the cash portion of the transaction in order to fall within its pre-determined limit.
Clearwater said it is expecting to close the acquisition on Monday, adding the cash and stock ratios disclosed Thursday were preliminary and could be modified before the deal wraps up next week.
Price: 23.09, Change: +0.02, Percent Change: +0.07