Thoma Bravo cuts takeover offer for software firm Anaplan to $9.6 billion

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The company’s shares, which have risen nearly 44% this year, were down about 4% in premarket trading.

“The Anaplan (NYSE:PLAN) board agreed, after extensive consideration, to revise the merger agreement to avoid the risk of lengthy litigation over the disagreement,” the company said in a statement.

Anaplan shareholders will now receive $63.75 per share, compared with the previous offer of $66. The offer price is still at a premium of 26% to Anaplan’s closing price before the deal was announced in March.

The deal is expected to close by June 30.