Thoughtworks Holding, Inc. (NASDAQ: TWKS)
Julie & Holleman LLP, a nationally recognized shareholder rights firm, is investigating the proposed $1.75 billion buyout of Thoughtworks Holding, Inc. (NASDAQ: TWKS) by private equity fund Apax Partners LLP.
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Additional Information:
Thoughtworks is a global technology consultancy that integrates strategy, design, and engineering to drive digital innovation. Its largest shareholder is Apax, which owned the company before its IPO, currently controls roughly 60% of the company’s stock, and has numerous representatives on the board of directors.
On August 5, 2024, Thoughtworks announced an agreement that it would be acquired by Apax for $4.40 per share in cash. Shareholders will not even get to vote on the deal, which is expected to close by the end of this year.
While Thoughtworks’ public shareholders are being cashed out at $4.40 per share, Apax will continue participating in the company’s upside. According to Marketbeat, Wall Street analysts’ average price target for Thoughtworks is $4.52 per share, and the high target is $8 per share. The deal price is also far less than what the company traded at just earlier this year, when it was valued over $5 per share. Indeed, Julie & Holleman is concerned that Apax is taking advantage of a short-term stock price weakness and the recent CEO transition.