Magnet Communications
A leading provider of web-based cash management and business banking solutions for financial institutions, venture capital firms and major banks own the company.
Engagement Goals
A Special Committee of the Board of Directors of Magnet Communications was charged with evaluating a prospective sale.
Engagement Process and Outcomes
The Assignment – Brookwood was hired by the Special Committee of the Board of Directors to advise the Committee regarding a potential acquisition.
Brookwood’s Role – In this transaction, Brookwood advised the Special Committee regarding the decision to sell at that time, plus the process for finding a buyer. Brookwood issued a fairness opinion that was included in the proxy materials.
The Result – Magnet entered into a cash and stock merger agreement with a publicly-traded financial technology firm.
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Magnet Communications – provided advisory services and a fairness opinion regarding the sale of the company to Digital Insight (NASDAQ: DGIN)
www.magnetbanking.com
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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, Magnet Communications |
