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29 July 2010 ,
Written by Dhruv Tanwar
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Adobe Systems has said that it will acquire Day Software Holding AG through a public tender offer to acquire all publicly held registered shares for CHF139 per share in cash, in a transaction valued at around CHF255 million, or $240 million, on a fully diluted equity-value basis.
Adobe said that as a part of the expected integration, Day will operate as a product line within Adobe's Digital Enterprise Solutions Business Unit., and Day CEO Erik Hansen will join Adobe, reporting directly to Rob Tarkoff. The offer represents a premium of 59 percent over Day’s volume-weighted average share price for the last 60 trading days. Adobe expects the transaction to close in the fourth quarter of its 2010 fiscal year, subject to customary approvals and closing conditions, including a minimum acceptance threshold with respect to the tender offer.
The acquisition, Adobe said, will strengthen its enterprise software solutions with Web Content Management (WCM), Digital Asset Management and Social Collaboration offerings, and represents a significant market opportunity. Organizations will be able to create, manage, distribute and monetize content while optimizing the web experience for their customers, using Day’s web solutions and Adobe’s existing enterprise portfolio. |