An unidentified buyer sent an unsolicited letter of interest to acquire WageWorks Inc. (NYSE:WAGE) for $2.4 billion on August 26, 2019. As per the letter, an entity named Mansa Parent Corp. (‘Mansa’) will pay $58.58 per WageWorks share as consideration. The $58.58 offer is based in part on potential synergies of at least $110 million that would arise from an anticipated acquisition by Mansa of an unnamed third party technology platform. The offer was accompanied by non-binding letters of interest from potential senior credit and equity financing sources, each contingent on a number of conditions, including due diligence. The offer is conditioned upon a 21-day due diligence period. The WageWorks board reviewed the letter and unanimously rejected it, calling it speculative, highly conditional and contingent. At a special meeting held on August 28, 2019, WageWorks approved the proposed competing merger with HealthEquity Inc. which was announced in June 2019. Wilson Sonsini Goodrich & Rosati P.C. is serving as legal counsel to WageWorks and Evercore as its financial advisor.