1st Jul 2009 07:00
1 July 2009
Increased cash offer for Borland Software Corporation
The Board of Micro Focus International plc ("Micro Focus" or the "Company") has increased its fully funded cash offer to US$1.50 for each outstanding share of Borland Software Corporation ("Borland"). This values the acquisition of Borland's equity, on a fully diluted basis, at approximately US$113 million.
The terms of the revised offer have been unanimously approved by the Board of Directors of both Micro Focus and Borland. The Board of Micro Focus believes that the Company is uniquely placed to deliver value from this transaction and the proposed price continues to meet Micro Focus' strict financial acquisition criteria while also delivering enhanced value to Borland shareholders.
Micro Focus posted its Circular to shareholders on 24 June 2009 and published its Prospectus on 30 June 2009, ahead of a general meeting of shareholders currently scheduled to be held on 17 July 2009. Borland filed its Definitive Proxy Statement with the SEC on 19 June 2009 and will hold its shareholder meeting on 22 July 2009.
Commenting on the proposed acquisition, Stephen Kelly, Chief Executive Officer of Micro Focus, said:
"There continues to be a strong strategic rationale for this transaction and we believe that it is in the best interests of both companies, their shareholders, employees and customers. Regulatory and shareholder approval processes are progressing well and we remain fully focused on completing the transaction. Our revised offer continues to meet the strict financial criteria that we apply to all acquisitions."
Enquiries:
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Micro Focus |
Tel: +44 (0)1635 32646 |
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Stephen Kelly, Chief Executive |
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Nick Bray, Chief Financial Officer |
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Tim Brill, Head of Corporate Communications & IR |
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Financial Dynamics |
Tel: +44 (0)20 7831 3113 |
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Charles Palmer / Haya Chelhot/ Nicola Biles |
Notes to editors:
About Micro Focus
Micro Focus, a member of the FTSE 250, provides innovative software that allows companies to dramatically improve the business value of their enterprise applications. Micro Focus Enterprise Application Modernization and Management software enables customers' business applications to respond rapidly to market changes and embrace modern architectures with reduced cost and risk. For additional information please visit www.microfocus.com
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