TNAV - Telenav rallies on being acquired by V99 in a 'Go Private' transaction

Telenav (TNAV) +18.6% PM, entered into a definitive merger agreement to be acquired by Delwarare incorporated V99 for $4.80/share in an all cash transaction that values Telenav at ~$241M.HP Jin, Samuel T. Chen, Telenav director, and a certain entity affiliated with Mr. Chen, are expected to provide debt financing in connection with the proposed transaction.The purchase price indicates a premium of ~33.3% over Telenav's closing stock price on Oct. 1, 2020.On transaction completion, Telenav will become a private company with the flexibility to continue investing in its connected-car strategy.Agreement includes a 30-day "go-shop" period expiring on Dec. 2, 2020, which permits the Special Committee and its advisors to solicit alternative acquisition proposals from third parties.Transaction expected to close during the first calendar quarter of 2021.

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Telenav rallies on being acquired by V99 in a 'Go Private' transaction