Tech Data Announces Expiration of “Go-Shop” Period

Tech Data (Nasdaq: TECD) today announced the expiration of the “go-shop” period provided for under the terms of the previously announced definitive agreement (the “Merger Agreement”) in which Tiger Midco, LLC (“Parent”), an affiliate of funds managed by affiliates of Apollo Global Management (NYSE: APO), will acquire all of the outstanding shares of Tech Data common stock. The go-shop period expired at 11:59 p.m. ET on Dec. 9, 2019.

Consistent with Tech Data Board of Directors’ commitment to maximizing shareholder value, under the terms of the Merger Agreement, the company and its advisors were permitted to actively solicit and negotiate alternative acquisition proposals from third parties during a limited “go-shop” period beginning on Nov. 12, the date of the Merger Agreement. During the “go-shop” period, representatives of BofA Securities, Inc. (“BofA Securities”), financial advisor to the company, undertook a broad solicitation effort to contact parties that the company and BofA Securities believed might be interested in a possible alternative transaction.

Upon expiration of the go-shop period, pursuant to the Merger Agreement, Tech Data became subject to customary “no-shop” provisions that limit its and its representatives’ ability to solicit alternative acquisition proposals from third parties or to provide confidential information to third parties, subject to customary “fiduciary out” provisions.

The transaction is not subject to a financing condition and is expected to close in the first half of calendar year 2020, subject to the satisfaction of customary closing conditions, including expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, foreign regulatory approvals and approval by the holders of a majority of the outstanding Tech Data shares.

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Tech Data connects the world with the power of technology. Our end-to-end portfolio of products, services and solutions, highly specialized skills, and expertise in next-generation technologies enable channel partners to bring to market the products and solutions the world needs to connect, grow and advance. Tech Data is ranked No. 88 on the Fortune 500 and has been named one of Fortune’s World’s Most Admired Companies for 10 straight years. To find out more, visit www.techdata.com or follow us on Twitter, LinkedIn, Facebook and Instagram.