(Source: PRNewswire)NEW YORK, Aug. 25 /PRNewswire-FirstCall/ -- Apax Partners, a global private equity firm with over $35 billion in funds under advice and significant expertise in financial services and media, announced today that BEN Merger Sub, Inc. and BEN Holdings, Inc., corporations wholly owned by funds advised by Apax Partners and formed for the purpose of acquiring Bankrate, Inc., completed their tender offer for shares of common stock of Bankrate, Inc., (Nasdaq: RATE) at a price of $28.50 per share. The offer expired at 12:00 midnight, New York City time, on August 24, 2009.

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According to the depositary for the offer, as of the expiration of the offer, a total of approximately 5,397,131 shares of Bankrate were validly tendered and not withdrawn (including approximately 635,671 shares delivered through notices of guaranteed delivery), representing approximately 28% of the outstanding shares and, together with shares subject to support agreements entered into by certain directors and officers of Bankrate, representing approximately 52% of the outstanding shares. All conditions to the offer have now been satisfied or waived. Accordingly, Apax Partners has accepted for purchase all shares that were validly tendered in accordance with the terms of the offer.

Apax Partners also exercised its top-up option pursuant to the terms of the previously announced merger agreement to purchase approximately 56 million newly issued shares at $28.50 per share, which will bring Apax's aggregate ownership of Bankrate common stock to approximately 80% of outstanding shares on a fully diluted basis. Bankrate has been informed that Apax Partners intends to acquire all of the remaining outstanding Bankrate shares as soon as practicable, after providing 30 days' notice to shareholders, by means of a short- form merger. Upon completion of the merger, all remaining outstanding Bankrate Shares not tendered in the Tender Offer (other than shares owned by BEN Holdings, Inc., BEN Merger Sub, Bankrate and its subsidiaries, and certain of Bankrate's officers and directors), will be acquired at a price of $28.50 per share.

About Bankrate, Inc.

The Bankrate network of companies includes Bankrate.com, Interest.com, Mortgage-calc.com, Nationwide Card Services, Savingforcollege.com, Fee Disclosure, InsureMe, CreditCardGuide.com and Bankaholic.com. Each of these businesses helps consumers make informed decisions about their personal finance matters. The company's flagship brand, Bankrate.com is a destination site of personal finance channels, including banking, investing, taxes, debt management and college finance.