J2 Global’s $415 million bid to acquire Boston cloud storage firm Carbonite at $15 a share has been rejected, according to a document filed with the Securities and Exchange Commission.
Mohamad Ali, Carbonite’s president and chief executive officer, said in the filing that J2’s offer undervalued the company and was not in the best interest of its stockholders. Carbonite’s board has now authorized the search for strategic alternatives.
This is the second time J2 has been unable to close a Carbonite acquisition. The Hollywood company offered $10.50 a share in 2012, which was seen as uncompetitive. J2 went on to purchase more than 9 percent of Carbonite’s outstanding shares and become one of its largest shareholders.
J2 separately announced Tuesday the death of Jeffrey D. Adelman, the Internet software and service provider’s longtime vice president, general counsel and secretary.
Adelman passed at the age of 48 after suffering a brief illness. He joined J2 in 2000 and helped evolve the company’s corporate structure, assisted in its M&A program and started the intellectual property division.
"Jeff was a tremendously talented lawyer, leader and businessman who made a lasting contribution to our company and to each of us individually during his more than 14 years with J2," said Richard Ressler, chairman of J2’s board, in a statement.
Chief Executive Hemi Zucker described Adelman’s passing as “so young and so sad” via email.
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