NEW YORK, Sept. 13, 2017 /PRNewswire/ -- Bankrate, Inc.
(NYSE: RATE) ("Bankrate") announced that Bankrate stockholders
voted at a special meeting of stockholders held today to adopt the
Agreement and Plan of Merger (the "Merger Agreement") providing for
the merger of a wholly owned subsidiary of Red Ventures Holdco, LP
("Red Ventures") with and into Bankrate, with Bankrate continuing
as the surviving corporation and as a wholly owned subsidiary of
Red Ventures. Based on a tabulation of the stockholder vote,
approximately 99% of all votes cast, which represents approximately
90% of all outstanding shares on August 14,
2017, the record date for the special meeting, were voted in
favor of the merger. Bankrate stockholders also approved the
proposal to approve, on an advisory (non-binding) basis, certain
compensation that may be paid or become payable to the Company's
named executive officers in connection with the merger.
Under the terms of the Merger Agreement, Bankrate stockholders
will receive $14 per share in cash at
the closing of the merger. Completion of the merger is
subject to customary closing conditions, including the receipt of
required regulatory approvals. The merger is expected to be
completed by the end of 2017.
About Bankrate
Bankrate (NYSE: RATE) is a leading online publisher, aggregator
and distributor of personal finance content. The Company's
vision is to help consumers Maximize Your Money™ when they borrow,
save or invest. With this in mind, Bankrate aggregates large
scale audiences of in-market consumers by providing them with
proprietary, fully researched, comprehensive, independent and
objective personal finance and related editorial content across
multiple vertical categories, including credit cards, mortgages,
deposits, senior care and other categories, such as personal and
auto loans retirement and taxes. Bankrate's flagship sites
CreditCards.com, Bankrate.com and Caring.com are leading
destinations in each of their respective verticals and connect
their vast audiences with financial service and senior care
providers and other contextually relevant advertisers.
Bankrate also owns and operates a number of specialist sites, apps
and social platforms, including NextAdvisor.com, The Points Guy,
Interest.com, Quizzle.com and Walla.by. Bankrate also develops and
provides content, tools, web services and co-branded websites to
over 100 online partners, including MSN, Realtor.com, MarketWatch
and Bloomberg. In addition, Bankrate licenses editorial
content to leading news organizations such as Yahoo! and Tribune
News Service.
About Red Ventures
Red Ventures is a leading digital consumer choice platform based
in Charlotte, North Carolina.
Through deeply integrated brand partnerships and consumer-facing
assets, Red Ventures connects online customers with products and
services across high-growth industries including home services,
financial services, and healthcare. Founded in 2000, Red Ventures
has more than 2,700 employees in offices across the Carolinas,
Seattle, Washington, and
Sao Paulo, Brazil. For more
information, visit www.redventures.com.
Investor Contact
Ken
Stelzer
Treasurer
ken.stelzer@bankrate.com
917.438.9544
Media Contact
Kayleen
Yates
Vice President, Corporate Communications
kyates@bankrate.com
917.368.8677
Cautionary Statements Regarding Forward-Looking
Information
Certain statements contained in this communication may
constitute "forward-looking statements." Actual results could
differ materially from those projected or forecast in the
forward-looking statements. The factors that could cause
actual results to differ materially include the following:
the occurrence of any event, change or other circumstance that
could give rise to the termination of the merger agreement; the
failure to satisfy any of the conditions to the completion of the
transaction; the effect of the announcement of the transaction on
the ability of Bankrate to retain and hire key personnel and
maintain relationships with its customers, providers, advertisers,
partners and others with whom it does business, or on its operating
results and businesses generally; risks associated with the
disruption of management's attention from ongoing business
operations due to the transaction; the ability to meet expectations
regarding the timing and completion of the merger; and other
factors detailed in Bankrate's Annual Report on Form 10-K filed
with the SEC for the fiscal year ended December 31, 2016 and Bankrate's other filings
with the SEC, which are available at http://www.sec.gov and on
Bankrate's website at www.bankrate.com. Bankrate assumes no
obligation to update the information in this communication, except
as otherwise required by law. Readers are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as of the date hereof.
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SOURCE Bankrate, Inc.