Sep. 25, 2009 (PR Newswire) --
NEW YORK, Sept. 25 /PRNewswire/ -- BEN Merger Sub, Inc. and BEN Holdings, Inc., corporations owned by funds advised by Apax Partners and formed for the purpose of acquiring Bankrate, Inc., today announced the successful completion of the merger of BEN Merger Sub with and into Bankrate, with Bankrate surviving.
On July 22, 2009, Bankrate announced that it had entered into a definitive agreement to be acquired and taken private by funds advised by Apax Partners, a global private equity firm with over $35 billion in funds under advice and significant expertise in financial services and media. The agreement called for Bankrate shareholders to receive $28.50 per share payable net to the holder in cash, without interest and less any applicable holding taxes. The transaction is valued at approximately $571 million.
At the time of the merger, all outstanding shares of Bankrate's common stock not validly tendered and accepted for payment in the tender offer were converted, subject to appraisal rights, into the right to receive $28.50 per share payable net to the holder in cash, without interest and less any applicable holding taxes (the same price paid in the tender offer). Remaining former shareholders of Bankrate will be mailed materials necessary to exchange their former Bankrate shares for such payment.
Bankrate common stock will cease trading on NASDAQ at market close on September 25, 2009, and will no longer be listed.
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. Bankrate.com is the leading aggregator of rates and other information on more than 300 financial products, including mortgages, credit cards, new and used auto loans, money market accounts and CDs, checking and ATM fees, home equity loans and online banking fees. Bankrate.com reviews more than 4,800 financial institutions in 575 markets in 50 states. In 2008, Bankrate.com had nearly 72 million unique visitors. Bankrate.com provides financial applications and information to a network of more than 75 partners, including Yahoo!, America Online , The Wall Street Journal and The New York Times. Bankrate.com's information is also distributed through more than 500 newspapers.
About Apax Partners
Apax Partners is one of the world's leading private equity investment groups. It operates across the United States, Europe and Asia and has more than 30 years of investing experience.
