Posted: Natalie Mootz|July 7th, 2017

Computer Backup

Carbonite Officially Rejects J2 Global’s Takeover Offer

Share:

Facebook Tweet mail
blog post author image
Written by Natalie Mootz
Natalie has been writing for the web since dinosaurs roamed the earth. Or at least since dinosaurs achieved blogging technology. She's also written for About.com and Joystiq.

tech-news-alert-1The cliffhanger is over for those of you following the Carbonite wedding drama we posted about last week: Carbonite won't let J2 Global put a $415 million dollar ring on it. The announcement came last Friday in the form of a regulatory filing by Carbonite.

J2 Global, a digital services company, had offered to buy the popular online backup service two years ago at $15/share in cash which comes out to around $415 million. Since the offer was still outstanding without an answer, J2 even went so far as to garner support from another Carbonite shareholder, Engine Capital, which wrote a letter urging Carbonite to accept the offer.

Alas, J2's affections went unrequited - and somewhat harshly so. Carbonite's board of directors said that the offer from J2 Global "substantially undervalues the company and is not in the best interests of Carbonite stockholders." Further, the board described the offer as "unsolicited and opportunistic." Ouch! That certainly sounds final.

But Carbonite hasn't sworn off marriage altogether. It's still on the market. Its CEO, Mohamad Ali indicated that a sale could still happen at some future date. In fact, the SEC filing mentions a "Party X" as a possible other bidder. Carbonite has hired Deutsche Bank to help with any forthcoming offers which could suggest that a bidding war might be heating up.

I would hate to see J2 or Carbonite end up in an ill-advised marriage on the rebound. On the other hand, I'm going to go make some more popcorn just in case.

If you don't use an online backup service yet, click here to read our in-depth review of Carbonite and other backup services.

Compare the top ranked companies

Find the right company for you.

Backblaze image #1
SOS Online Backup image #2
OpenDrive image #3
Code 42 - CrashPlan image #4
SugarSync image #5
Acronis image #6 View
More

Learn More About The Top Computer Backup Companies

company logo
Backblaze chevron_right
3.9 Overall Score
2.5
starstarstar_halfstar_borderstar_border
(1)
company logo
SOS Online Backup chevron_right
3.9 Overall Score
0
starstarstarstarstar
(0)
company logo
OpenDrive chevron_right
3.8 Overall Score
0
starstarstarstarstar
(0)

Related Articles

Card image cap
Unitrends Hires CEO Kevin Weiss, Former Mc...

Unitrends, a Massechusetts-based computer backup services company, announced last week that it has hired Kevin Weiss as...

Read More
Card image cap
A Surprising Forecast for Rackspace Cloud ...

According to telecom industry analysts, the outlook for cloud computing company Rackspace is anything but cloudy for 20...

Read More
Card image cap
Carbonite Buyout Soap Opera Continues

If you're into stocks and you like soap operas, the recent drama surrounding Carbonite is riveting. This week's episode...

Read More