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22 June 2010 ,
Written by Dhruv Tanwar
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Proginet Corporation, a company that provides multi-platform file transfer solutions, has signed a definitive merger agreement to be acquired by Tibco Software Inc., in a transaction valued at approximately $23 million.
Under the terms of the agreement, Proginet stockholders will receive $1.15 in cash for each share of Proginet common stock, representing a premium of around 22% to the closing price of Proginet’s common stock on June 21, 2010, the last trading day before the signing of the merger agreement. Proginet's Board of Directors has accorded its unanimous approval to the merger, which is expected to close during the first quarter of the company's fiscal 2011 commencing on August 1, 2010.
The transaction is subject to customary closing conditions, including stockholder approval, even as all Proginet directors and certain officers and stockholders representing around 21.4% of the company's issued and outstanding common stock have entered into voting agreements in support of the acquisition. The transaction is not subject to a financing condition. |