Yext CEO and Chair Proposes Full Buyout

In the US, digital presence and knowledge management platform Yext has announced that its CEO and Board Chairman Michael Walrath has submitted a proposal to acquire all outstanding shares of the company not already owned by him, for $9.00 per share in cash.

Yext uses machine learning technology to help companies deliver 'consistent, accurate and engaging experiences' and connect with customers anywhere in the digital world. It also provides clients with cross-channel analysis and insights to inform decision-making. Six months ago, the firm acquired Places Scout, a platform for local SEO, location intelligence and benchmarking.

Walrath says the proposal is backed by reliable sources, and/but that he is willing 'to work constructively with other qualified bidders and to support a full process and superior proposals if received.'

Yext's Board of Directors has formed a Special Committee of independent directors to evaluate the proposal, as well as 'any other strategic alternatives that may be available.' The proposal is non-binding, subject to customary conditions, and the Board stresses that no transaction may result.

Web site: www.yext.com .