Mergers and Acquistions News
Categories: IT Services & Consulting
July 21st 2009, 16:53PM
Software AG has announced that it has closed a contract for the transfer of 48 per cent of the outstanding shares of German firm IDS Scheer.
The firm reported in July that it would offer €15 (£12.97) in cash per outstanding share of IDS Scheer in a deal with an estimated value of €487 million (£421.2 million).
Subject to regulatory approval, the formal offer period will start in August and is due to finish before the end of September.
Karl-Heinz Streibich, chief executive officer of Software AG, said the firm is committed to investment and development even during tough economic times.
"With the merger of two technology leaders we will create a globally significant company.
"Our expertise in business process management will increase our competitiveness in this growth market," he commented.
IDS Scheer has commented that the proposed partnership offers considerable added value to customers, creating a global vendor of business process management software with more than 6,000 employees.
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