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 »
NetApp, the Sunnyvale network storage company that reported its second straight quarterly sales drop Wednesday and its first net loss since 2002, is set to buy itself some growth with the announcement that it has reached a deal to acquire Data Domain, a Santa Clara maker of data-duplication storage appliances used for backing up, archiving and disaster recovery of data.
The deal, which involves an as-yet unspecified combination of cash and stock, reportedly values Data Domain at Read the rest of this entry »
Aviza Technology, which itself notified the Nasdaqlisi stock market last week that it would not comply with its financial reporting rules because of its failure to timely file its quarterly 10-Q report with the SEC, received word back from Nasdaq last week confirming that, yep, it is subject to being delisted.
The company has 60 days to submit a plant to regain compliance, and if Nasdaq accepts the plan, could be granted an exception of up to 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 »
Xtent, the Menlo Park development-stage medical device company that went public about 27 months ago, has decided to throw in the towel and liquidate its assets and dissolve.
The board made the decision Friday, subject to the approval of 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 »
There goes another independent public company headquartered cn Silicon Valley. Yesterday LogicVision, the San Jose provider of technology used to design and manufacture semiconductors, agreed to be acquired by Oregon-based Mentor Graphics.
Under the all-stock deal, each share of LogicVision will be converted into about one-fifth of a share of Mentor, which closed at $7.08 on Wednesday, the day before the deal was announced, giving LogicVision shareholders about $1.42 worth of Mentor shares for each LogicVision share they owned. Based on LogicVision’s closing price of 93 cents that same day, the deal represented about a 50 percent premium for LogicVision shareholders.
That premium is being whittled down Thursday as Mentor investors knock down its stock price. As of 11 a.m. PDT, Mentor shares were down 41 cents, or 6 percent, to $6.67, reducing the value of LogicVision shareholders own holdings to $1.33 per share and reducing the premium to 44 percent.
Late last year, Fremont’s Virage Logic, a provider of intellectual property to chip companies, offered to buy LogicVision for $1.05 per share, in cash, which represented a 114 percent premium to its then 49-cent per-share price the day before the unsolicited offer was made.
That deal was later called off by Virage Logic in the wake of a poison pill adopted by LogicVision’s board.
Borland, the one-time Microsoft rival originally founded in 1983 in a space over a garage in Scotts Valley , has agreed to be acquired by Micro Focus for $1 a share. Excluding Borland’s $8 million of net cash and short term investments, the deal is valued at $67 million. The purchase price represented a 25 percent premium to Borland’s 80-cent per-share price the day before the deal was announced.
The company was founded by Phillipe Kahn, Read the rest of this entry »
“This is one of the toughest emails I’ve ever had to write.” Thus began this morning’s communique from Sun Microsystem’s Chief Executive Jonathan Schwartz to his troops. Fear not, though. With Dickensian flourish, Schwartz lifted up the tone of his email with his very next line: “It’s also one of the most hopeful about Sun’s future in the industry.”
Then follows a stirring paean to the 27-year old company whose board has signed off on the plan to be acquired by Oracle for $9.50 a share.
“I do not consider the announcement to be the end of the road, Read the rest of this entry »
Avanex, the Fremont fiber optics company that announced its acceptance in January of a deal to merge with rival Bookham of San Jose, has evidently reached a settlement with two shareholders who sued the company over the proposed merger, claiming it fails to “maximize stockholder value.”
The shareholders allege that the proxy Avanex sent to shareholders about the deal Read the rest of this entry »
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