DataDirect Networks, Inc. entered into non-binding letter of intent agreement to acquire all assets of Tintri, Inc. (NasdaqGM:TNTR) for $52.5 million on July 8, 2018. DataDirect Networks, Inc. entered into a definitive agreement to acquire all assets of Tintri, Inc. on July 18, 2018. DataDirect Networks is acting as the staking horse bidder in the transaction. The consideration payable is $25 million in cash and assumption of $27.5 million indebtedness to TriplePoint to be paid by DataDirect Networks at closing. DataDirect Networks, Inc. signed a debt commitment letter with lender TriplePoint Capital LLC to obtain a $22.5 million term loan facility. Tintri will operate as a separate division within DataDirect Networks. In case of termination, Tintri, Inc. is required to pay a termination fee of $1.2 million to DataDirect. The transaction is subject to approval from Bankruptcy Court and will be subject to a competitive bidding process in which third parties will have the opportunity to bid on the assets of Tintri. The transaction has been approved by DataDirect Networks, Inc. and Tintri, Inc. As of August 28, 2018, DataDirect Networks was selected as the winning bidder and ESW Capital LLC was selected as the back-up bidder after the completion of auction. As of August 29, 2018, DataDirect Networks amended the agreement to acquire assets of Tintri for $60 million. Under the terms of amended agreement, the consideration consists of cash payment of $35 million and assumption of specific liabilities of $25 million. As of August 29, 2018, the transaction was approved by US Bankruptcy Court. The transaction is expected to close in August 2018. The proceeds from the transaction will be insufficient to satisfy all of its debts and obligations of Tintri. Blase Dillingham of Manatt, Phelps & Phillips, LLP acted as legal advisor to DataDirect and Tony Jeffries and Robert T. Ishii of Wilson Sonsini Goodrich & Rosati, P.C. acted as legal advisor to Tintri. Stephen M. Miller of Morris James LLP and Michael Friedman of Chapman and Cutler acted as legal advisors to DataDirect Networks. Colin R. Robinson, Henry C. Kevane, John D. Fiero, James E O'Neill and John W. Lucas of Pachulski Stang Ziehl & Jones LLP acted as legal advisors to Tintri. Jay Weinberger of Houlihan Lokey Capital, Inc. acted as financial advisor to Tintri. John H. Knight of Richards, Layton & Finger PA acted as the legal advisor to DataDirect Networks. DataDirect Networks, Inc. completed the acquisition of all assets of Tintri, Inc. (NasdaqGM:TNTR) on August 31, 2018.