KING OF PRUSSIA, Pa., Jan. 14, 2024 (GLOBE NEWSWIRE) — Vertex, Inc. (NASDAQ: VERX), a global provider of indirect tax solutions, today announced that after thorough review, it has withdrawn its previously announced public tender offer for 100% of the shares of Pagero Group AB (publ) following two competing offers and the acquisition by a competing bidder of more than 10 percent of the shares of Pagero.
“Vertex has been a leader in the indirect tax market for 45 years by taking an approach to growth that is both disciplined and aligned with the best interests of our customers and shareholders. Today’s decision reflects those principles,” said Vertex CEO David DeStefano. “The fundamentals of our business remain strong and position us well to capitalize on the significant market opportunity in today’s increasingly complex tax landscape. We appreciate Silver Lake’s market-validating support of our business and strategic intentions. We look forward to building on our momentum and driving value for our shareholders and customers.”
In connection with today’s announcement, Vertex confirmed that its issuance of a new series of Convertible Preferred Stock in the amount of $500 million will be cancelled.
Pagero shareholders who had undertaken to accept Vertex’s tender offer have been released from those obligations.
Vertex, Inc. is a leading global provider of indirect tax solutions. The Company’s mission is to deliver the most trusted tax technology enabling global businesses to transact, comply and grow with confidence. Vertex provides solutions that can be tailored to specific industries for major lines of indirect tax, including sales and consumer use, value added and payroll. Headquartered in North America, and with offices in South America and Europe, Vertex employs over 1,400 professionals and serves companies across the globe.
For more information, visit www.Vertexinc.com or follow on Twitter and LinkedIn.