AUSTIN, Texas – E2open, a cloud supply chain management software company, has withdrawn its proposal to the Board of Directors of Amber Road to engage in discussions regarding E2open’s acquisition of all of the outstanding shares of common stock of Amber Road for $10.50 per share in cash.
The proposal represented a significant premium of more than 50 percent over Amber Road’s unaffected stock price on February 9, 2018.
“We are extremely disappointed by the lack of engagement from Amber Road’s Board of Directors in connection with several of our proposals to engage in discussions regarding a proposal to acquire all of the outstanding shares of Amber Road for cash at the proposed price of $10.50 per share,” said Michael Farlekas, president and CEO of E2open.
“Despite our repeated outreach, Amber Road’s Board has refused to engage in any dialogue with E2open to discuss a potential transaction.”
“A combination of E2open and Amber Road would benefit both companies and their customers and would provide Amber Road’s shareholders with a significant and immediate cash premium to the company’s market value,” Farlekas continued.
“However, despite our clear commitment to engaging in a dialogue regarding a potential transaction and our conviction in a successful combination, there has not been any meaningful engagement by Amber Road’s Board of Directors. E2open is left with no other choice but to withdraw our offer to discuss a combination.”
Leave a Reply