XML 29 R17.htm IDEA: XBRL DOCUMENT v3.8.0.1
Subsequent Events
6 Months Ended
Oct. 31, 2017
Subsequent Events [Abstract]  
Subsequent Events [Text Block]
Subsequent Events
Merger Agreement
On November 26, 2017, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with BV Parent, LLC (“Parent”), and BV Merger Sub, Inc., a wholly owned subsidiary of Parent (“Merger Subsidiary”), providing for the merger of Merger Subsidiary with and into the Company (the “Merger”), with the Company surviving the Merger as a wholly owned subsidiary of Parent. Parent and Merger Subsidiary were formed by affiliates of private equity investment firm Marlin Equity Partners (“Marlin Equity”).
Subject to certain exceptions, at the effective time of the Merger (the “Effective Time”), (i) each share of the Company's common stock issued and outstanding as of immediately prior to the Effective Time will be canceled and cease to exist and automatically converted into the right to receive cash in an amount equal to $5.50, without interest (the “Per Share Price”), (ii) outstanding vested stock options will be canceled and converted into the right to receive the Per Share Price less the applicable exercise price per share and applicable withholding taxes, and (iii) other than with respect to certain members of the Company’s management team, (A) 30% of in-the-money unvested stock options will vest in full and be converted into the right to receive the Per Share Price less the applicable exercise price per share and applicable withholding taxes, (B) 70% of in-the-money unvested stock options will be converted into the right to receive the Per Share Price less the applicable exercise price per share and applicable withholding taxes, payable based on the underlying vesting schedule, (C) 30% of unvested restricted stock units (“RSUs”) will vest in full and be converted into the right to receive the Per Share Price less applicable withholding taxes and (D) 70% of unvested RSUs will be converted into the right to receive the Per Share Price less applicable withholding taxes, payable based on the underlying vesting schedule.
Consummation of the Merger is subject to customary closing conditions, including, without limitation, the absence of certain legal impediments, the expiration or termination of the required waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and approval by the Company's stockholders.
The Merger Agreement contains certain termination rights for the Company and Parent. Upon termination of the Merger Agreement under specified circumstances, the Company will be required to pay Parent a termination fee of $18.3 million. Upon termination of the Merger Agreement under other specified circumstances, Parent will be required to pay the Company a termination fee of $26.1 million.