NEW YORK, Dec. 28, 2020 /PRNewswire/ -- Akaris Global
Partners, LP ("Akaris Global") today announced that it has
delivered a letter to the Pluralsight, Inc. ("Pluralsight" or the
"Company") (NYSE: PS) Board of Directors (the "Board"),
expressing its concerns about the recently announced proposed sale
of the Company to Vista Equity
Partners for $20.26 per share in cash. In its
letter, Akaris Global has informed Pluralsight that it intends to
vote against the proposed deal in its current form.
As a long-term shareholder of Pluralsight stock, Akaris Global
believes that the proposed transaction significantly undervalues
the Company. Specifically, the offer price:
- Is unattractive based on historical share prices and is below
11 of 14 analyst target prices made prior to the announcement of
the merger;
- Represents a significant discount to other public subscription
software companies;
- Represents a significant discount to recent sponsor
transactions in enterprise software;
- Does not fairly value Pluralsight as a unique and strategic
asset in the IT Learning space; and
- Does not reflect several initiatives that Akaris Global
believes are about to bear fruit and will re-accelerate growth
after the slowest growth quarter in the company's disclosed
history.
In addition, as outlined in the letter, based on current public
disclosure, it is not clear to Akaris Global that the Board
undertook a full and fair sales process to ensure that shareholders
will receive maximum value for their investment. Accordingly,
Akaris Global believes the Board must account for the sales process
to assure shareholders that it was not rushed or subject to any
material conflicts of interest.
The full text of Akaris Global's letter to the Pluralsight Board
of Directors can be found here:
https://akarisglobal.s3.amazonaws.com/PS+Letter+20201228.pdf
About Akaris Global. Akaris Global, an investment firm
located in New York, seeks to
compound capital at attractive absolute rates of return by
investing in Structural Winners: resilient, growing, and
underappreciated businesses with attractive reinvestment
opportunities that are led by top-tier operating teams. We invest
primarily in technology, consumer, and industrial businesses.
Contact:
Steve
Bruce/Taylor Ingraham
ASC Advisors
203-992-1230
sbruce@ascadvisors.com / tingraham@ascadvisors.com
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SOURCE Akaris Global Partners, LP