Citrix Completes Spin-Off and Merger of GoTo Family of Service Offerings with LogMeIn
Citrix Systems, Inc. has announced that it has completed the spin-off and merger of its GoTo family of service offerings with LogMeIn, Inc. (Nasdaq: LOGM). As a result of these transactions, in addition to retaining the shares of Citrix common stock they currently own, Citrix stockholders will receive approximately 0.1718 of a share of LogMeIn common stock for each share of Citrix common stock that they owned of record as of January 20, 2017. No fractional shares of LogMeIn will be issued, and Citrix stockholders will instead receive cash in lieu of any fractional shares. No action is required by Citrix stockholders to receive their shares of LogMeIn common stock in the merger.
LogMeIn, Inc. announced the completion of its previously disclosed merger with Citrix Systems, Inc.’s GetGo, Inc. subsidiary, a wholly owned subsidiary consisting of Citrix’s GoTo family of service offerings. The merger officially closed after market hours on January 31, 2017. Effected through a Reverse Morris Trust transaction, the merger brings together two of the preeminent players in cloud connectivity to instantly create one of the world’s top 10 public SaaS companies1, and a market leader with the scale, resources and world-class talent required to accelerate innovation and significantly expand its total addressable market opportunity.
“Between LogMeIn and GoTo we have two of the best known, most trusted and reliable product portfolios in cloud connectivity, and both companies have been remarkable success stories,” said Bill Wagner, president and CEO of LogMeIn. “Today we start an exciting new chapter together as a clear leader that has the scale, innovation and vision to reset customer, employee and shareholder expectations, while redefining our core markets.”
Fourth quarter and fiscal year 2016 call; Combined outlook for 2017
As previously announced, LogMeIn will report its fourth quarter and fiscal year 2016 financial results for the period ended December 31, 2016 following the close of market on Tuesday, February 28, 2017. On that day, management will hold a conference call and webcast at 5:00 p.m. ET to review and discuss the Company’s results for the fourth quarter and fiscal year. During this call, the Company expects to also provide preliminary guidance for the first quarter and full fiscal year of 2017.
Previous information and details regarding the merger
Information on the merger can be found on LogMeIn’s corporate website, as well as in a special merger section of its investor relations site.