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Industry: Email Alert RSS FeedProgress to buy IONA
Telecomworldwire, June 25, 2008
TELECOMWORLDWIRE-25 June 2008-Progress to buy IONA(C)1994-2008 M2 COMMUNICATIONS LTD http://www.m2.com
Progress Software Corporation (Progress) (NASDAQ:PRGS), a supplier of business integration software, and IONA Technologies plc (NASDAQ:IONA) have signed a definitive agreement for Progress to acquire IONA for USD4.05 per share.
The purchase price represents a total equity value of USD162m, or USD106m net of cash and marketable securities (as reported on 31 March 2008), which is approximately 16% higher than the average share price in the six months prior to the offer period announced by IONA on the 8 February 2008. The IONA board has unanimously approved the transaction.
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The transaction must still clear regulatory approval in the US, receive IONA shareholder approval and also needs the issuance of an order by the Irish High Court sanctioning the scheme, but subject to these steps is expected to complete in September. IONA would become a indirect wholly owned subsidiary of Progress.
IONA is also a supplier of business integration software, the combination of the two companies will add an experienced pool of employees to assist Progress to further develop its range of Service Oriented Architecture software.
((Comments on this story may be sent to tww.feedback@m2.com))
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