Vector completes Aladdin takeover
The deal is done: A group of investors headed by Vector Capital has completed its takeover of Aladdin Knowledge Systems. Aladdin is now formally merged with SafeNet, and about 90 workers in Israel and abroad, will be leaving or losing their jobs.
The merger had been approved by a majority of Aladdin's shareholders on February 20, 2009 after tense talks that had their ups and downs. At one point, Vector offered $14.50 per share, but Yanki Margalit, the founder and force behind Aladdin, refused, calling the offer "opportunistic." The offer translated into $202 million for the company, and Margalit argued that it was worth half a billion.
Now, Aladdin's shareholders will get $11.50 per share, in cash.