Glazer Capital details its opposition to proposed acquisition of Squarespace

Glazer Capital, a manager of investment funds and separate accounts that collectively beneficially own 2.5M shares of Squarespace common stock, or approximately 5.4% of the shares owned by minority shareholders, issued an open letter to the Squarespace Board detailing its opposition to the proposed acquisition of Squarespace by Permira Advisers and disclosing its intent to vote against the transaction at the upcoming special meeting of Squarespace shareholders. Major points included the following: Calls $44.00 per Share Merger Consideration Offered by Permira Inadequate; Considers Industry Standard Methodologies of Transaction Valuation Analysis to Have Been Omitted from Fairness Opinion, Resulting in Significant Undervaluation; Believes Flawed, Self-Serving Process Was Designed to Benefit Controlling Shareholders and Permira, to the Detriment of Minority Shareholders; Highlights That the Two “Selected Comps” Singled Out by Special Committee’s Financial Advisor Have Appreciated More than Premium Offered by Permira; Intends to Vote AGAINST the Acquisition at the Upcoming Squarespace Special Meeting.