SumTotal Systems, the object of competing private equity firm’s affections, said today in a filing that it had received yet another counter offer from Vista Equity, although it did not disclose the price.
Vista originally sought to buy the company in early April for Read the rest of this entry »
The bidding for SumTotal Systems went even higher Monday when the company amended its merger agreement with Accel-KKR to raise the proposed purchase price by a dollar a share from $3.80 to $4.80, according to a regulatory filing made today. That’s 30 cents higher than the counter bid made by Vista Equity, which set the whole bidding war in motion April 3 when it first made an unsolicited offer to buy the Mountain View developer of training and personnel software for $3.25 a share. Vista raised its bid last week to $4.50.
SumTotal, which had been free to solicit higher bids under its original merger agreement with Accel-KKR, has now committed itself to paying Read the rest of this entry »
Vista Equity, which first proposed buying personnel software developer SumTotal Systems for $3.25 on April 3, raised its bid to $4.50 a share Wednesday to counteract the $3.80 per-share offer made by Accel-KKR three weeks later.
Under the terms of that offer, which SumTotal accepted, the company could search out Read the rest of this entry »
SumTotal Systems, the Mountain View developer of personnel training and management software, said Monday that its chief executive, Don Fowler, 70, was retiring, effective Nov. 1, although he would continue as a “business advisor” to the company through his official termination date on Dec. 31.
Fowler’s transition agreement includes changes to his option terms so that Read the rest of this entry »
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