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Carbonite Receives Takeover Bid from J2 Global Inc.

J2 Global Cloud Services

J2 Global, who already own and operate several cloud storage and backup services like Livedrive and KeepItSafe, have made an offer to purchase the remaining shares of Carbonite at $15.00/share. J2 Global previously made an offer to purchase Carbonite in August 2012 at $10.50/share. This offer is considerably more and could be too hard for Carbonite to resist.

 

News of the offer from J2 Global has made Carbonite stock rise on the possibility of the buyout. Share price went from roughly $11.50/share up to $14.50/share on the news. As of this writing shares are trading at $14.36. A pretty nice rise in 24 hours after the news. This buyout offer could be to hard to resist for the Carbonite board and shareholders.

If Carbonite does sell to J2 Global they will have a significant investment in cloud backup and storage companies around the world. The Livedrive purchase back in February certainly seems to have improved Livedrive, if the number of people complaining about then is any indication.

It will be interesting to see what happens with this offer and if Carbonite becomes part of the J2 Global group of companies and if they do how will it affect Carbonite services.

You can read the full press release below.

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Carbonite Confirms Receipt of Unsolicited Proposal From J2 Global, Inc.

BOSTON, Dec. 3, 2014 (GLOBE NEWSWIRE) — Carbonite, Inc. (Nasdaq:CARB), a leading provider of cloud and hybrid backup and recovery solutions for businesses, today announced that it has received an unsolicited proposal from J2 Global, Inc. (“J2”) to acquire all of the outstanding shares of Carbonite for $15.00 per share in cash. Consistent with its fiduciary duties and in consultation with financial and legal advisors, Carbonite’s Board of Directors will carefully review and consider the offer to determine the course of action that it believes is in the best interests of the Company and its shareholders, taking into account the Company’s current strategic plan and growth initiatives.

As part of the commitment of Carbonite’s Board and management to shareholders, the Board regularly reviews all options for generating and delivering value. Carbonite does not intend to disclose developments regarding these matters unless and until its Board determines there is a material need to update the market.

Cautionary Language Concerning Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made as of the date they were first issued and are based on current expectations as well as the beliefs and assumptions of management. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Carbonite’s control.¬†Carbonite¬†expressly disclaims any intent or obligation to update these forward-looking statements except as required by law. Additional information concerning these and other risks can be found in press releases issued by¬†Carbonite, as well as Carbonite’s public filings with the¬†U.S. Securities and Exchange Commission, including the discussion under the heading “Risk Factors” in Carbonite’s most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. Copies of¬†Carbonite’s¬†press releases and additional information about¬†Carbonite¬†are available at¬†www.Carbonite.com.

About Carbonite

Carbonite¬†(Nasdaq:CARB) is a leading provider of cloud and hybrid backup and recovery solutions for businesses. Carbonite offers a comprehensive suite of affordable services for data protection, recovery and anywhere, anytime access. More than 1.5 million customers, including 50,000 small businesses, trust Carbonite’s secure, easy-to-use¬†cloud backup solutions¬†and award-winning U.S.-based customer support. For more information, please visit¬†Carbonite.com, connect with us on Twitter¬†@Carbonite¬†or visit our¬†Facebook page.

CONTACT: Investor Relations Contact:
         Emily Walt
         Carbonite
         617-927-1972
         investor.relations@Carbonite.com
       
         Media Contact
         Megan Wittenberger
         Carbonite
         mwittenberger@Carbonite.com
         617-421-5687

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