Goldman Sachs and Vista Equity Partners agreed to settle claims they cost Tibco Software investors $100m by miscounting the number of shares involved in a buyout of the maker of business computer programs.
Bloomberg News reports that Tibco shareholders “have reached an agreement-in-principle” to resolve claims that Goldman Sachs botched the share count in Vista’s more-than-$4bn takeover of the software firm, according to a filing Thursday in Delaware Chancery Court. The settlement is worth about $30m, according to a person familiar with the matter who asked to remain anonymous because the terms haven’t been made public.
Disgruntled Tibco investors alleged that Vista agreed to pay $24 a share for the software maker, valuing the company at $4.1bn. After the deal was signed, Tibco acknowledged that it may have overstated the number of shares involved in the deal based on Goldman Sachs’s count.
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