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CDC Software offers to buy Chordiant Software's outstanding shares |
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CDC Software has said that it is looking to acquire all remaining outstanding shares of Chordiant Software Inc. for $105.1 million. The company already holds around 1.3 per cent stake in Chordiant software, and hasnow offered $3.46 per share for all outstanding shares of the company. The offer, which represents a 21 percent premium to the average closing price over the last 30 days from January 5, was delivered to Chordiant management mid-week on Wednesday. The transaction provides two options for the payment of consideration – the first being 40 percent cash and 60 percent as a combination of registered shares of both CDC Software (class A ordinary) and CDC Corporation (class A common), while the second calls for 50 percent cash and 50 percent in registered CDC Software shares (class A ordinary). CDC said Chordiant shareholders can choose either or both options, in any combination, in 1,000 share increments. As of Jan. 5, 2010, CDC Software holds 392,762 of Chordiant’s 30.4 million outstanding shares representing around 1.3 percent of the company. In a statement, CDC Software said it believes the combination would create a compelling front office platform in the enterprise market, and that CDC Software and Chordiant are synergistic in a variety of fronts such as their technology, geographic foot print and customers. “CDC Software believes this is a superior offer that should be brought to the Chordiant shareholders for consideration,” said Peter Yip, CEO of CDC Software. “We believe the combination of CDC Software and Chordiant, with the numerous synergies in technology, geographic foot print, and customers, will make a strong technology marriage and offer a very attractive investment opportunity.” |
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