Mergers and Acquistions News
Categories: IT Services & Consulting
June 12th 2009, 16:22PM
Leading software provider SoftBrands, which supplies to the manufacturing and hospitality industries, has announced it has entered into an agreement under which it will be acquired by an affiliate of Golden Gate Capital and Infor.
The firms will pay $0.92 (£0.56) in cash per common share in a deal valued at approximately $80 million (£48.7 million), including amounts paid in respect of SoftBrands' debt and preferred equity.
"This transaction allows SoftBrands' stockholders to realise significant value from their investment in our company over recent trading levels," commented Randy Tofteland, president and chief executive officer of SoftBrands.
He added: "In addition, we increase value to customers through expanded products and services from the alliance with Infor."
The offer price represents an approximate 100 per cent premium over the company's closing price on the NYSE Amex on June 11th.
SoftBrands last month announced that its Epitome property management system had been supplied to Beijing International Studies University as a complement to the university's current curriculum.
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