The sale is all cash for $48.25, yet insiders are buying it for as high as $48.16

Early on December 18, 2023, the Special Committee met, with Alteryx management and representatives of each of Wilson Sonsini and Qatalyst Partners in attendance. The representatives of Wilson Sonsini reviewed the final terms of the merger agreement, the voting agreement and the other related transaction documents. The representatives of Qatalyst Partners confirmed that Qatalyst Partners was prepared to deliver a written opinion that the per share price was fair, from a financial point of view, to the Alteryx stockholders, if and when requested by the Alteryx Board prior to the execution of the merger agreement. The Special Committee (1) determined that the merger agreement, and the transactions contemplated by the merger agreement, including the merger, were in the best interests of Alteryx and its stockholders; and (2) recommended that the Alteryx Board approve and declare advisable the merger agreement and authorize and approve Alteryx’s entry into the merger agreement (we refer to (1) and (2) as the “Special Committee approval”). The Special Committee did not determine to require the merger be approved by an affirmative majority vote of our stockholders that are disinterested with respect to the merger given that Mr. Stoecker had not entered into any arrangement or agreement with respect to a “rollover” in connection with the merger or to receive any benefits in the merger not shared by our stockholders generally.

Opinion update 3/19/24: I am shocked. The deal closed as expected, with no superior offer. My only suspicion is that there was a possibility of a meaningful better bid, as many strategic and private equity investors were interested. No one stepped up, and the deal closed as planned. The two insiders knew they could at least get their money back without penalty. It would be against the law for them to convert their equity into Newco without proper disclosure.

To be precise, the CLO spent $440,953 on 3-8-24 to return $884 today. Twelve days is probably not a bad return, exactly 6.18% annualized. There is no person on earth who would do that.