Olshan Frome Wolosky LLP Advises Special Board Committee of Intersections Inc. in Going Private Transaction with Joint Venture Formed by iSubscribed, WndrCo and General Catalyst
In early October 2018, Olshan Frome Wolosky LLP was retained to represent the Special Committee of the Board of Directors of Intersections Inc. (NASDAQ: INTX), an identity theft protection and privacy services company, in connection with a proposed ‘going private’ transaction in which Intersections would be acquired by WC SACD One Parent, Inc., a new joint venture formed by iSubscribed, WndrCo and General Catalyst. On October 31, 2018, after extensive negotiations with the buyers by the Special Committee and Olshan, Intersections and the buyers jointly announced that they had entered into a definitive merger agreement, under which a subsidiary of WC SACD will commence an all-cash tender offer to acquire all of the outstanding shares of Intersections for $3.68 per share. Certain affiliates of Intersections agreed to roll over a majority of their shares into an affiliate of the buyer, and not to tender those shares. The acquisition transaction is expected to close during the first quarter of 2019, subject to regulatory and other conditions. Additionally, as part of the transaction, the buyer's joint venture partners provided $30 million in debt financing to Intersections concurrently with entering into the merger agreement.
Law360 reported on the transaction.