Citrix investors greenlight $16.5bn private equity takeover

The vendor confirmed it was being snapped up by two private equity firms in February

Citrix has announced its stockholders have voted to approve its acquisition by two private equity investors.

The vendor confirmed in February that it had been taken over for $16.5bn by affiliates of Vista Equity Partners as well as Elliott Investment Management, an affiliate of Evergreen Coast Capital Corporation.

The final voting results on the proposals voted on at the special meeting will be set forth in a Form 8-K filed by Citrix with the US Securities and Exchange Commission.

As previously announced, under the terms of the agreement, Citrix shareholders will receive $104 in cash per share.

The transaction is currently expected to close in mid-2022, subject to customary closing conditions, including the receipt of regulatory approvals.

Following the completion of the transaction, Citrix's shares will no longer trade on the Nasdaq, and therefore will become a private company.

CEO steps down

Reports emerged in September that the vendor was considering a sale after a difficult 2021 which saw CEO David Henshall step down in October after four years.

Bob Calderoni was appointed as interim chief executive officer and president at Citrix shortly after.

Citrix was reportedly in talks with advisers on a potential sale around this time following 15.8 per cent slump in its stock price.

The drop was the Florida-HQ company's sharpest since 2008 after posting second-quarter results that came up short of analysts' expectations.

The adviser discussions were also hot on the heels of Elliott Management buying a ten per cent stake in the business.

This was the third instance the workspace software group had been rumoured to be weighing up a sale in recent years and the second time Elliott Management was involved.