Today we sold our position in The Active Network (ACTV). On September 30, the company, which manages online registration for marathons, business conferences and other events, agreed to be acquired by private-equity firm Vista Equity Partners for about $1.05 billion, or $14.50/share in cash. At the time, this price represented a 27% premium over the closing price on Sept. 27, the most recent trading day. Active’s board endorsed the offer, recommending that all stockholders tender their shares. This represents the 14th time since the inception of the Crabtree Fund that one of our positions has received a takeover offer. Except in a few instances, we typically sell our shares, rather than wait until deal closure to dispose of the position. After all, we’re equity investment managers, not risk arbitrageurs, so there’s no need to wait around for a marginal improvement in price, at the risk of the deal coming apart and the stock price falling back to its pre-offer level, or worse. So adieu, Active Network, and we thank you!