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Sapiens International Corporation N.V. reported that it has entered into an Agreement and Plan of Merger with SI Swan UK Bidco Limited, SI Swan Guernsey Holdco Limited and SI Swan Cayman Merger Sub Ltd. Under the agreement, the Merger Sub will merge with and into the Company, with the Company to be the surviving entity. A copy of the Merger Agreement is attached as Exhibit 99.1 and is incorporated by reference.
A separate Support Agreement with the Rollover Shareholder covers 24,314,766 common shares owned by that shareholder and is attached as Exhibit 99.2. The filing cautions that the Merger Agreement’s representations, warranties and covenants were made for allocation of risk among the parties, are qualified by confidential disclosures, and that the Company’s shareholders are not third-party beneficiaries. The company also lists material risks explicitly, including regulatory and shareholder approvals, potential termination events, possible litigation, effects on employees and customers, and other factors described in its Form 20-F. Certain schedules to the Merger Agreement are omitted from the filing but are available upon SEC request.
Sapiens International entered into a binding Agreement and Plan of Merger under which a Guernsey/Cayman parent vehicle will merge Sapiens into a subsidiary and take the company private. Each outstanding public share (other than specified exclusions and rollover shares) will be cancelled and entitled to $43.50 in cash per share at the effective time; certain rollover shares held by Formula Systems will convert into Topco equity and continue as surviving-company shares. The Per Share Merger Consideration is expected to be financed with equity from Parent and debt from third-party lenders and the transaction is not subject to a financing condition.
The merger requires customary closing conditions, including at least a two-thirds shareholder vote, regulatory clearances (including HSR and other antitrust/foreign investment approvals), and absence of a continuing material adverse effect. If completed, Sapiens' Nasdaq and Tel-Aviv listings will be cancelled and the company deregistered. The agreement includes specified termination fees and detailed treatment for RSUs and options, with vested awards paid or cashed out and unvested awards converted to cash replacement amounts payable subject to continued service.
Sapiens International Corp. N.V. (SPNS) – Form 144 filing reports that shareholder Al-Dor Ron intends to sell 57,249 common shares through Oppenheimer & Co. on or about 24 Jul 2025 on Nasdaq. Based on the stated aggregate market value of $1.76 million, the proposed sale equals roughly 0.10 % of the 55,887,225 shares outstanding.
The shares were originally acquired by option exercise on 7 Sep 2017, paid in cash. Over the last three months the same holder has already disposed of 342,928 shares for gross proceeds of $9.99 million, indicating a continuing liquidity program. The notice is required under Rule 144 for sales of restricted or control securities and does not, by itself, imply any change in the company’s fundamentals.