E-commerce services provider Digital River Inc said on Thursday it entered into an agreement to be acquired by an investor group led by Siris Capital Group LLC for about $840 million. The deal, valued at $26 per share in cash, is at a premium of almost 50 percent of Digital River's Thursday's closing price.The agreement, approved by the board of Minnesota-based Digital River, includes a 45-day "go-shop" period during which the company can solicit alternative proposals, Digital River said on Thursday.Siris will finance the deal with a combination of equity and debt, for which it has secured financing.The companies expect the deal to close in the first quarter of 2015.
Digital River, Inc. (Digital River) provides end-to-end global cloud-commerce, payments and marketing solutions to a wide variety of companies in software, consumer electronics, computer games, video games and other markets. Shares of DRIV traded higher by 2.06% or $0.35/share to $17.38. In the past year, the shares have traded as low as $13.61 and as high as $19.67. On average, 231483 shares of DRIV exchange hands on a given day and today's volume is recorded at 135634.
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