Kaltura receives third takeover offer from Panopto

Video cloud platform Kaltura has received a takeover offer from K1 Investment Management-owned education software maker Panopto.

The potential deal values the intel-backed Kaltura at US$383 million. 

Panopto sent a letter to Kaltura’s that said it would be prepared to pay US$3 per share in cash, a 27% premium over its closing price at the end of trading on Thursday. 

This is the third time that Panopto has proposed a takeover of Kaltura since June, with the company’s board rejecting the previous offers. 

K1 currently owns a 7% stake in Kaltura, making it a top-five holder in the company. It purchased 4.8 million shares from July 7-25, which drove up its share price to a market cap of US$301 million and effectively reduced the premium on Panopto’s offer. 

According to Bloomberg, the letter from Panopto CEO Tobi Hartmann outlines that merging the two companies would create a global competitor in the video industry and improve the overall product offering of both companies.

While expressing disappointment that “the board has to date decided to reject our revised proposal without engaging in a meaningful dialogue,” Hartmann said that the tie-up would create “extraordinary value in a turbulent financial environment.”