CA Closes Platinum Acquisition

Computergram International, June 7, 1999

Just a week after working out a deal with regulatory authorities, Computer Associates International Inc said Friday that it has closed its $3.5bn acquisition of Platinum Technology Inc. On May 25, the company reached an agreement with the Justice Department for approval of the acquisition under which it has to sell off certain Platinum product lines.

CA announced that it has completed payment of all the Platinum shares that were tendered under the $29.25 per share offer and any remaining shareholders will have their stock automatically converted into the right receive that price in cash. The tender offer officially expired at midnight New York time on Thursday. CA promises to announce its future product direction and support plans for the Platinum products within the next few weeks.