According to a report in the Globe & Mail, Hootsuite has abandoned a process that could have led to a sale of the company after preliminary offers came in below expectations.
In October, Hootsuite hired Goldman Sachs to look at options in what one source described as a “price discovery process.”
As a result Hootsuite entertained conversations with dozens of private equity firms and a handful, including KKR & Co. and TPG Capital, indicated how much they’d be willing to pay, subject to completing a due diligence process.
According to the Globe and its sources, offers topped out in the range of US$650 million to US$700 million – less than the US$750 million to $1-billion that the company was seeking and Hootsuite ended the process early.
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