The cloud-based business-spend management platform said this week that its shareholders will be paid $81 a share, which represents a 77% premium to Coupa’s closing price Nov. 22, the last full trading day before media reports of a potential takeover surfaced. The transaction also includes a significant minority investment from a subsidiary of the Abu Dhabi Investment Authority, Coupa said.
Coupa said in a regulatory filing outlining the transaction that it engaged with 14 prospective acquirers, 11 of which were financial sponsors. However, six parties executed nondisclosure agreements and gained access to nonpublic information about the company, which received two final and fully financed bids, the filing noted. The filing didn’t name the other bidder.