Forescout Commences Litigation Against Advent International
The merger agreement explicitly allocated the risk of any impacts from COVID-19 to Advent. Since announcing the transaction,
“We have satisfied all conditions to closing under our merger agreement, and a material adverse effect has not occurred,” said Theresia Gouw, Chair of the Forescout Board. “The only change since the merger agreement was jointly executed in February is the deepening of the COVID-19 pandemic, which has significantly impacted global macro-economic conditions. All companies have been challenged by this pandemic, and it is highly disappointing that Advent would attempt to exploit market volatility to renege on its contractual obligations, particularly when the merger agreement explicitly excludes the effects of a pandemic as a material adverse event. Advent is required to promptly complete the transaction. We are taking immediate action to enforce Forescout’s rights and ensure that Advent fulfills its obligations. We are confident that the steps that we are taking are in the best interests of
“I remain confident in the strength of
Prior to announcing the Advent transaction on
This press release contains forward-looking statements that involve risks and uncertainties, including statements regarding the pending acquisition of
Source: Forescout Technologies, Inc.