“The speed at which Andover.Net moved from IPO to takeover
target amazed some analysts.
“This is unprecedented,” said Richard Peterson, an IPO analyst
with Thomson Financial Securities Data… Usually an IPO is a
long-term process where you build shareholder value. But they
didn’t give it enough time to put the foundation down on
shareholder value.”
“Bruce Twickler, Andover.Net’s 53-year-old founder and chief
executive, will see his 12.6 percent stake valued at $131 million.
Based on his ownership stake and the $60 million in cash that VA
Linux is paying, Twickler will receive $6.7 million in cash and the
remainder in VA Linux shares.”
“Adam Green, the company’s chief technology officer, will see
his 2 percent stake valued at $20.8 million…”
“Although Green and Twickler are netting big returns, some
individual shareholders who bought shares near their high feel they
have been left holding the bag.”
Web Webster has more than 20 years of writing and editorial experience in the tech sector. He’s written and edited news, demand generation, user-focused, and thought leadership content for business software solutions, consumer tech, and Linux Today, he edits and writes for a portfolio of tech industry news and analysis websites including webopedia.com, and DatabaseJournal.com.
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