Egan-Jones, an independent firm that advises investors on whether to support management proposals at their portfolio companies, said Thoma Bravo’s bid to take the Waterloo, Ont.-based digital forensics firm private is the best option to “maximize potential shareholder value.” (The Logic)

Talking point: Magnet Forensics investors will vote March 21 on whether the company should merge with Thoma Bravo subsidiary Grayshift in an all-cash deal of $44.25 per share. The proposed merger follows Magnet’s failed attempt to purchase Grayshift, a U.S. mobile forensics firm with which Magnet has partnered for years. The proxy advisor’s support for the deal comes amid reports of growing opposition. Last month, Nellore Capital—Magnet’s largest outside investor with about 10 per cent of the company’s shares—said it believed the purchase price was too low and that it would vote against the deal. The Globe and Mail reported Tuesday that several other investors intend to follow suit. Addressing Nellore’s opposition, Egan-Jones said: “We believe that the dissident shareholder has not offered a superior alternative that will maximize value creation.”