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Avalara Urges Shareholders to Vote "FOR" Value Maximizing Transaction on WHITE Proxy Card
Avalara, Inc. (NYSE:AVLR), a leading provider of tax compliance automation for businesses of all sizes, today announced that leading independent proxy advisory firm Institutional Shareholder Services ("ISS") has recommended that shareholders vote "FOR" the pending transaction with Vista Equity Partners ("Vista") at the Company's upcoming Special Meeting of Shareholders (the "Special Meeting") scheduled for October 14, 2022.
In its September 30, 2022, report, ISS noted1:
The Company is pleased that ISS shares its belief that the transaction with Vista is in the best interests of all Avalara shareholders and supports the Board's unanimous recommendation that shareholders vote FOR the transaction. The transaction with Vista delivers significant, immediate, and certain value to shareholders, eliminating shareholders' exposure to the execution risks and significant macroeconomic headwinds associated with continuing as a standalone company. The Company strongly urges all Avalara shareholders to follow the recommendation of ISS by voting "FOR" the value maximizing transaction with Vista on the WHITE proxy card today to receive $93.50 per share in cash.
The transaction is expected to close in the second half of 2022, subject to customary closing conditions, including approval by Avalara shareholders.
Avalara shareholders who need assistance in voting their shares may call toll-free Avalara's proxy solicitor, Innisfree M&A Incorporated, at (877) 687-1873 (U.S. or Canada) or +1 (412) 232-3651 (international).
A special meeting of Avalara's shareholders to be held virtually in connection with the proposed merger on October 14, 2022, at 9:00 a.m., Eastern Time. Shareholders will be able to attend the meeting by visiting www.cesonlineservices.com/avlr22_vm, where they will be able to listen to the special meeting, submit questions, and vote. To participate in the special meeting, shareholders must pre-register at www.cesonlineservices.com/avlr22_vm by 9:00 a.m., Eastern Time on Thursday, October 13, 2022. Shareholders will not be able to attend the meeting in person.
Posted In: AVLR