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BRIEF-Ultimate Software To Be Acquired By An Investor Group Led By Hellman & Friedman For Approximately $11 Bln

Published 2019-02-04, 07:19 a/m
© Reuters.  BRIEF-Ultimate Software To Be Acquired By An Investor Group Led By Hellman & Friedman For Approximately $11 Bln
ULTI
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Feb 4 (Reuters) - Ultimate Software Group Inc ULTI.O :

* ULTIMATE SOFTWARE ANNOUNCES AGREEMENT TO BE ACQUIRED BY AN INVESTOR GROUP LED BY HELLMAN & FRIEDMAN TO OPERATE AS A PRIVATELY HELD COMPANY

* ULTIMATE SOFTWARE GROUP INC - PROPOSED DEAL FOR $331.50 PER SHARE IN CASH

* ULTIMATE SOFTWARE GROUP INC - DEAL FOR APPROXIMATELY $11 BILLION

* ULTIMATE SOFTWARE GROUP INC - ULTIMATE WILL CONTINUE TO OPERATE UNDER LEADERSHIP OF CEO SCOTT SCHERR AND EXISTING SENIOR MANAGEMENT TEAM

* ULTIMATE SOFTWARE GROUP INC - WILL HAVE RIGHT TO TERMINATE MERGER AGREEMENT TO ACCEPT A SUPERIOR PROPOSAL

* ULTIMATE SOFTWARE GROUP INC - TRANSACTION INCLUDES A 50-DAY "GO-SHOP" PERIOD

* ULTIMATE SOFTWARE GROUP INC - ULTIMATE'S BOARD OF DIRECTORS HAS UNANIMOUSLY APPROVED TRANSACTION

* ULTIMATE SOFTWARE - COMPANY WILL BE OWNED BY AN INVESTOR GROUP, WHICH ALSO CONSISTS OF BLACKSTONE, CANADA PENSION PLAN INVESTMENT BOARD

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