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The
deal will broaden Gartner's research business through the
addition of CEB's services, which include research and analysis
related to human resources, sales, finance and the law.
Gartner is offering $54 in cash and 0.2284 of its shares for
each CEB share. The deal represents a premium of about 25
percent to CEB's Wednesday close.
CEB's shares were up 16.4 percent at $72.05 in premarket
trading, below the implied offer price of $77.25 per share.
Gartner's shares, which closed at $101.79 on Wednesday, were
untraded.
Gartner shareholders will own about 91 percent of the combined
company.
CEB, headquartered in Arlington, Virginia, has a 35-day
"go-shop" period during which it can solicit alternative
proposals.
Stamford, Connecticut based-Gartner said the deal would
immediately add to adjusted earnings per share on completion,
expected in the first half of 2017, and be "double-digit
percentage accretive" to adjusted EPS in 2018.
Evercore and Goldman, Sachs & Co advised Gartner. Centerview
Partners LLC was lead adviser to CEB, with Allen & Co LLC also
advising.
(Reporting by Laharee Chatterjee and Narottam Medhora in
Bengaluru; Editing by Ted Kerr)
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