DC Advisory advised MariaDB on competing offers under the Irish Takeover Rules resulting in a successful offer from K1 Investment Management

Background

• MariaDB is a provider of enterprise open-source database software and cloud managed database services with headquarters in Ireland and California
• DC Advisory was previously engaged by MariaDB to act as an Irish defence advisor
• K1 Investment Management is an investment firm focused on enterprise software companies which is based in California
• MariaDB received an offer from K1 Investment Management on 16 February 2024 to acquire 100% of the outstanding shares for $0.55 per share

Process

• DC Advisory was appointed by MariaDB the Company to provide an independent recommendation to the board of MariaDB in assessing this offer under Rule 3 of the Irish Takeover Rules
• DC Advisory conducted a thorough valuation of MariaDB, considering the unique circumstances
• In the absence of independent directors, DC Advisory concluded that the terms of the offer were fair and reasonable and recommended that MariaDB Shareholders should accept the offer

Outcome

• The output of DC Advisory’s recommendation was used to inform the 2.7 announcement and offer document under the Irish Takeover Rules
• This transaction showcases DC Advisory’s expertise in providing independent advice to public companies