Free Investment Advice

BEN Merger Sub, Inc. and BEN Holdings, Inc., corporations owned by funds advised by Apax Partners and formed for the purpose of acquiring Bankrate, Inc., today announced the successful completion of the merger of BEN Merger Sub with and into Bankrate, with Bankrate surviving.

On July 22, 2009, Bankrate announced that it had entered into a definitive agreement to be acquired and taken private by funds advised by Apax Partners, a global private equity firm with over $35 billion in funds under advice and significant expertise in financial services and media. The agreement called for Bankrate shareholders to receive $28.50 per share payable net to the holder in cash, without interest and less any applicable holding taxes. The transaction is valued at approximately $571 million.

At the time of the merger, all outstanding shares of Bankrate’s common stock not validly tendered and accepted for payment in the tender offer were converted, subject to appraisal rights, into the right to receive $28.50 per share payable net to the holder in cash, without interest and less any applicable holding taxes (the same price paid in the tender offer). Remaining former shareholders of Bankrate will be mailed materials necessary to exchange their former Bankrate shares for such payment.

Bankrate common stock will cease trading on NASDAQ at market close on September 25, 2009, and will no longer be listed.

<object width=”550″ height=”400″><param name=”movie” value=”http://www.youtube.com/v/tFcE3yZnEak&hl=en&fs=1&”></param><param name=”allowFullScreen” value=”true”></param><param name=”allowscriptaccess” value=”always”></param><embed src=”http://www.youtube.com/v/tFcE3yZnEak&hl=en&fs=1&” type=”application/x-shockwave-flash” allowscriptaccess=”always” allowfullscreen=”true” width=”550″ height=”400″></embed></object>

Source: Apex Partners