K1 Initiates Compulsory Share Acquisition for MariaDB Following Tender Offer Expiration

K1 Investment Management has acquired a majority stake in MariaDB through a tender offer and is now pursuing compulsory share acquisition for remaining shares. Following the expiration of a compulsory acquisition notice period, non-compliant shareholders will have their shares acquired at the same terms as the offer. K1 plans to delist MariaDB's shares and end reporting obligations under U.S. securities laws.

In a significant move, K1 Investment Management, a prominent investment firm, has successfully acquired a majority stake in MariaDB, a leading open-source database company [1]. Following the completion of a tender offer, K1 is now pursuing compulsory share acquisition for the remaining shares, aiming to delist MariaDB from the US securities markets and terminate reporting obligations.

The acquisition process commenced on May 24, 2024, when K1's affiliate, Meridian BidCo LLC, announced an offer to purchase the entire issued and outstanding share capital of MariaDB [1]. Initially, the offer conditions were subject to various acceptances and regulatory approvals. However, on July 5, 2024, Meridian BidCo announced that all acceptance conditions had been met, and the offer became unconditional as of July 10, 2024 [1].

Subsequently, K1 initiated compulsory share acquisition proceedings, targeting non-compliant shareholders who failed to accept the offer [1]. Following the expiration of a compulsory acquisition notice period, these shareholders will have their shares acquired at the same terms as the offer [1].

K1's decision to delist MariaDB and terminate its reporting obligations under US securities laws reflects a strategic move to streamline operations and potentially reduce regulatory compliance costs. This development is expected to have significant implications for the future of MariaDB and its stakeholders.

In conclusion, K1 Investment Management's acquisition of a majority stake in MariaDB marks a significant milestone in the open-source database company's history. With the completion of the tender offer and the initiation of compulsory share acquisitions, K1 is poised to delist MariaDB and bring about potential operational changes.

References:
[1] PR Newswire. Recommended cash offer for MariaDB plc by Meridian Bidco LLC, which is an affiliate of K1 Investment Management, LLC. July 23, 2024. https://www.prnewswire.com/news-releases/recommended-cash-offer-for-mariadb-plc-by-meridian-bidco-llc-which-is-an-affiliate-of-k1-investment-management-llc-k1-as-general-partner-of-k5-capital-advisors-lp-as-general-partner-of-k5-private-investors-lp-302204693.html