Ancora, Everbridge Face Off

Ancora Holdings Group is engaging in an ongoing battle with Everbridge, the critical event management provider. Ancora is a key Everbridge stockholder.

Last month, Ancora officials said they would withhold support for board chairman Jamie Ellertson and members Bruns Grayson, Richard D’Amore and Kent Mathy at the Everbridge annual meeting of stockholders. Ancora said these members were unwilling to advance Everbridge stockholders’ best interests, or embrace and act on stockholder feedback.

Ancora issued the following statement after the meeting:

“We feel stockholders sent a clear message to the board this year that the status quo is unacceptable, and we hope this serves as a catalyst for a shake-up in the boardroom and a credible review of sale options. As we have repeatedly stated, we believe Everbridge is dramatically undervalued at current share price levels and contend a sale to a well-capitalized acquirer could deliver more than $70 per share. Having engaged with a large number of stockholders, we believe stockholders would strongly favor a sale of the business at the right price versus continuing to allow the company to proceed with its standalone plan, which would expose stockholders to the continued risk of poor governance and subpar execution. One thing is evident: the current board can no longer dismiss stockholder feedback and ignore acquirer interest. In light of this year’s narrow vote and our strong belief that there is demonstrated acquirer interest in Everbridge, we expect the board to thoroughly evaluate any bona fide sale offers for the company.”