01—Abstract
Summary
Summary of the 8-K filed August 1, 2019. Cited figures are marked; the original filing is the authoritative source.
Salesforce, Inc. (CRM) has officially completed its acquisition of Tableau Software, Inc. on August 1, 2019, following the successful expiration of its exchange offer.
This significant strategic move, initially announced on June 9, 2019, involved an exchange of Tableau shares for Salesforce common stock and cash, with approximately 68%a of Tableau's voting power being tendered. The merger solidifies Salesforce's position by integrating Tableau's leading data analytics capabilities into its Customer 360 platform. While the acquisition has received necessary antitrust clearances in the US and Germany without any required divestitures, it is subject to a review by the UK's Competition and Markets Authority (CMA).
Salesforce has committed to keeping the Tableau business operationally separate during this review, which is expected to conclude by the fall of 2019. This operational separation is not anticipated to materially impact Salesforce's operations or financial results. Investors should monitor the CMA review outcome and the integration progress of Tableau's business into Salesforce's offerings.
02—Key points
Key Highlights
- Salesforce completed the acquisition of Tableau Software, Inc. on August 1, 2019, through an exchange offer and subsequent merger.
- The transaction involved exchanging Tableau shares for 1.103 shares of Salesforce common stock plus cash for each Tableau share.
- Approximately 68% of Tableau's voting power was tendered in the exchange offer, signifying strong shareholder participation.
- Regulatory approvals from the US and Germany were obtained without requiring divestitures or remedies.
- A review by the UK's Competition and Markets Authority (CMA) is ongoing, with Tableau's business to remain operationally separate.
- Salesforce expects the CMA review to conclude by the fall of 2019, with no material impact anticipated on its operations or financials.
- Financial statements and pro forma information related to the acquisition are incorporated by reference into the filing.
03—Questions
Frequently Asked Questions
What is the main purpose of this 8-K filing?
This 8-K filing announces the completion of Salesforce's acquisition of Tableau Software, Inc. It details the closing of the transaction, the terms of the merger, and provides updates on regulatory reviews.
What were the terms of the acquisition?
Tableau shareholders received 1.103 shares of Salesforce common stock and cash in lieu of fractional shares for each Tableau share tendered. This was executed through an initial exchange offer followed by a merger.
Are there any remaining regulatory hurdles for the acquisition?
While antitrust clearances in the US and Germany were obtained, the acquisition is undergoing a review by the UK's Competition and Markets Authority (CMA). Salesforce has agreed to keep Tableau separate during this review.
What is the expected impact of the Tableau acquisition on Salesforce's financials?
The filing notes that the 'hold separate' arrangement required during the CMA review is not expected to have any material impact on Salesforce's operations or financial results. Detailed pro forma financial information is incorporated by reference.
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