IAC/InterActiveCorp, through its wholly owned unit Buzz Merger Sub Inc., commenced its offer to acquire all outstanding shares in Care.com Inc.
The cash tender offer will expire one minute after 11:59 p.m. ET on Feb. 10, unless extended or ended earlier, according to an SEC filing. Care.com's board recommended that its shareholders tender their shares.
The offer involves the acquisition of Care.com common shares at $15 per share, as well as the company's outstanding series A convertible preferred shares at a per-share price equal to 150% of the liquidation preference plus accrued and unpaid dividends, less interest and applicable withholding taxes.
Computershare Trust Co. NA is the depositary and paying agent for the tender offer.
IAC agreed in December 2019 to acquire Care.com, an online platform for finding and managing family caretaker arrangements, for an enterprise value of about $500 million.