|9 Months Ended|
Sep. 30, 2019
|Subsequent Events [Abstract]|
|Subsequent Events||Subsequent Events
On November 6, 2019, we entered into an Agreement and Plan of Merger and Stock Purchase Agreement (the “Merger Agreement”), by and among RealPage, Buildium LLC (“Buildium”), and certain other parties named therein. Buildium is a SaaS real estate property management solution provider that targets the smaller multifamily, single-family, Associations (HOA and Condo) and commercial real estate market segments. Pursuant to the Merger Agreement, the purchase price to be paid is approximately $580.0 million in cash, subject to a working capital adjustment, certain transaction expenses and a holdback of a portion of the purchase price to serve as security for indemnification obligations and post-closing purchase price adjustments, among other adjustments.
The Merger Agreement also contains customary mutual pre-closing covenants, including the obligation of Buildium to conduct its business in the ordinary course. The Merger Agreement also contains customary closing conditions for transactions of this nature, including a condition requiring the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 with respect to the merger to have expired or to have been terminated.
Stock Repurchase Program
In November 2019, our board of directors approved a new share repurchase program authorizing the repurchase of up to $100.0 million of our outstanding common stock. The share purchase program is effective through November 7, 2020. Shares repurchased under the plan will be retired.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef