Hostile Takeover of Guidance Software?

There’s an interesting report that AccessData is attempting to gain control over Guidance Software through an offer of $4.50 per share in cash and stock, following a rejection by Guidance recently. Given AccessData’s portfolio, such a hostile takeover is clearly an attempted consolidation play, and would be the boldest move we have seen to date in the e-discovery arena.

Guidance Software has been shipping its Encase family of products for some time now, and is number 1 in the legal forensics market, with AccessData ranked number 2.

We believe this valuation to be extremely low, and don’t expect AccessData to get very far. However, the threat could act as a catalyst for either a higher offer or a third party to come in and strike a deal with Guidance. Either way, this has stirred things up at Guidance. It will be interesting to see how the scenario unfolds.

David Sengupta

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