The deal of the week this week is not a done deal, but under consideration.
Based on the weighted average number of diluted shares outstanding of 26.7 million as of Dec. 31, the deal would be valued at about $126.8 million.
Early last week, Bellevue, Wash.-based Captaris had said it had retained RBC Capital Markets to help it evaluate strategic alternatives to enhance shareholder value.
However, Vector Capital says that as Captaris’ largest shareholder, with a 10.2% equity stake, it was “delighted” that the company was seeking ways to enhance shareholder value, but Vector also says that it is concerned that Captaris was not committed to complete its review expeditiously.
“Hiring another capable investment bank, RBC Capital Markets, to replace Credit Suisse and conduct another strategic review comes across as a delaying tactic,” Vector Capital wrote in a letter to the Captaris board of directors. —Dan Primack