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Client:
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Magnet Communications, a venture backed provider of web-based cash management solutions sold to financial institutions for use by their business banking customers
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www.magnetbanking.com
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Transaction Summary:
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Magnet’s
Board of Directors decided to seek a strategic
partner and received an offer from Digital
Insight Corp. (NASDAQ: DGIN). Brookwood
assisted the Special Committee of Magnet in
evaluating the transaction and rendered a
fairness opinion.
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"The Board interviewed a number of investment banks, but we were most comfortable with Brookwood's extensive experience with fairness opinions. Brookwood helped us understand the value of the transaction we were considering -- and met the very demanding time schedule."
- Kenneth Kehrer, PhD,
Chairman, Special Committee
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Transaction Highlights:
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Insightful Analysis – Brookwood analyzed Magnet’s strategic alternatives, including a review of the competitive landscape, their ability to raise additional capital and the likelihood of a near-term public offering. We demonstrated to the Special Committee that the proposed sale was the most attractive alternative.
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The Right Information – Brookwood provided the Special Committee with a comprehensive analysis that allowed the Special Committee to gain a full understanding of all options. This comprehensive analysis enabled the Special Committee to make a definitive recommendation to the Board and the shareholders.
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Fast Response in Complex Situation – In this complex situation, Brookwood was able to quickly absorb all relevant facts, produce its analysis and draw the right conclusions within the tight time constraints dictated by the sale process.
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