Tuesday, January 27, 2015

j2 Global Extends Tender For Carbonite

Los Angeles-based J2 Global said this morning that it has extended its tender offer for all of the outstanding shares of Carbonite, until February 26th, to allow further negotiations with the Carbonite board of directors. j2 is in the midst of a hostile bid for Carbonite, in an attempt to takeover the provider of online storage and backup services. j2 has offered to buy Carbonite for $415M, but instead of working with Carbonite directly, had launched a tender offer directly to Carbonite's shareholders. j2 Global said that, so far, a total of 6,179,366 shares of Carbonite had been tendered to the company. Carbonite's board--in a bid to stave off the acquisition--recently adopted a shareholders rights agreement, which has forced j2 Global to attempt a negotiation with the board to complete its takeover. j2 Global launched its hostile bid for Carbonite in December.

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