Orrick advised VC firm VantagePoint Capital Partners (VPCP), the largest shareholder of ReachLocal, in ReachLocal's definitive merger agreement with American media company Gannett. ReachLocal, Inc. is an online marketing and advertising solution provider for small, medium and large businesses, advertising to consumers in local markets.
Under the terms of a deal announced publicly on June 27, Gannett will acquire the outstanding shares of ReachLocal, Inc., for $4.60 per share in cash, via a tender offer. This represents a 188% premium to the unaffected closing price on Friday, June 24, 2016, and a total enterprise value of approximately $156 million. The transaction has been unanimously approved by the Boards of Directors of both companies and is expected to be completed in the third quarter of 2016.
VPCP is being advised by Silicon Valley M&A and private equity partner Richard Vernon Smith.