SAIL - SailPoint Technologies falls after Anaplan background on Thoma Bravo disclosed

SailPoint Technologies (NYSE:SAIL), which is being acquire by private equity firm Thoma Bravo, dropped 2.1% after a background filing on Thoma Bravo's price cut for its acquisition of Anaplan (NYSE:PLAN) was disclosed. Thoma Bravo asserted that Anaplan (PLAN) didn't comply with an interim operating covenant in the merger agreement governing the amount of equity awards Anaplan was permitted to issue following signing without Thoma Bravo's approval, according to the background filing. SailPoint (SAIL) fell 2.8% on Monday after Thoma Bravo revised its takeover price for Anaplan (PLAN) down to $63.75/share from $66 in cash. SAIL recovered slightly on Tuesday after a Reuters report indicated that Thoma Bravo's price cut was case-specific and the buyout firm has no current plans to try to renegotiate for a lower price. The Anaplan (PLAN) filing on Friday also said, in a section called "alternative motivating factors," that Thoma Bravo, due to the "deterioration" in the financial markets" after the singing of the merger

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SailPoint Technologies falls after Anaplan background on Thoma Bravo disclosed