Following the news that Rackspace had been acquired by Apollo Global for $4.3 billion, the company’s co-founder and chairman Graham Weston today claimed that the company could go public again in the future.
In conversation with the San Antonio Express-News, Weston said that he was confident that Rackspace’s withdrawal from the markets was only a temporary measure that could change in the medium-term.
Graham Weston said :
I think it’s likely that Rackspace will go public again in the next five to seven years.
Rackspace’s shareholders are set to vote on Apollo’s offer of $32 a share in November – the best of three offers that were reportedly available to the company.
Weston added :
I think they (Apollo) were the high bidder for a reason. They spent a substantial amount studying Rackspace and the opportunity of Rackspace’s future.