$420 million.

$420 million. That's roughly what Affle agreed to pay for all of Perion's equity, and $228.3 million of that sits on Perion's own balance sheet in cash, deposits and securities. The 34.5% premium makes this look like a win for $PERI holders, but to me it reads more like a reset after a long slide.

• Perion announced the definitive agreement on November 1: $11.70 a share, all cash, 34.5% above the October 30 close. The board approved it unanimously, and shareholder and regulatory approvals are still pending.
• Per Perion's release, it held $228.3 million in cash, short-term deposits and marketable securities at September 30. That's more than half the equity value.
• Globes reports Perion's market cap fell from about NIS 7 billion in April 2023 to about NIS 1.05 billion. Longtime holders are the ones most affected, since they're locking in that drawdown at a premium to a depressed price.
• Citibank is providing debt financing and there's no financing condition. Perion can shop for better offers through 11:59pm Israel time on December 11, with closing expected in early 2027.

Deals usually favor the company being bought, and this one does at the October 30 price. The go-shop is the part I'd watch, because if anyone else thinks that cash pile is worth more, December 11 is their deadline. I could be wrong and nobody shows up.

Sources:
Businesswire - official merger announcement: https://www.businesswire.com/news/home/20261101603052/en/Perion-Enters-into-Definitive-Merger-Agreement-with-Affle/
CalcalisTech - Perion's steep valuation fall: https://www.calcalistech.com/ctechnews/article/k5166udnc
RTTNews - deal terms: https://www.rttnews.com/3706865/affle-to-acquire-perion-in-420-mln-all-cash-deal.aspx

Not financial advice. For informational and educational purposes only.