MicroStrategy Incorporated’s $60.5 Million Tender Offer

Davis Polk advised Morgan Stanley & Co. LLC as dealer manager in the transaction.

MicroStrategy Incorporated completed a “modified Dutch auction” cash tender offer for 432,313 of its shares of common stock at a purchase price of $140 per share, which were acquired for an aggregate purchase price of approximately $60.5 million. The purchased shares represent approximately 4.5% of the total number of outstanding shares of the company’s capital stock as of September 14, 2020.

Headquartered in Tysons Corner, Virginia, MicroStrategy Incorporated is a publicly-traded business intelligence company focused on developing enterprise analytics platforms, mobile software and cloud-based services used by many of the world’s most admired brands in the Fortune Global 500.

The Davis Polk corporate team advising Morgan Stanley & Co. included partner Cheryl Chan (Picture) and associates Elizabeth R. Diggs and Devon D. Willitts. The tax team included partner Patrick E. Sigmon. All members of the Davis Polk team are based in the New York office.

Involved fees earner: Cheryl Chan – Davis Polk & Wardwell; Elizabeth Diggs – Davis Polk & Wardwell; Patrick Sigmon – Davis Polk & Wardwell; Devon Willitts – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Morgan Stanley;

Author: Ambrogio Visconti