18th Jun 2009 07:00
18 June 2009
Increased cash offer for Borland Software Corporation
The Board of Micro Focus International plc ("Micro Focus") has increased its fully funded cash offer to US$1.15 for each outstanding Borland share. This values the acquisition of Borland's equity, on a fully diluted basis, at approximately US$88 million.
The terms of the revised offer have been unanimously approved by the Board of Directors of both Micro Focus and Borland. Borland will commence the mailing of its Definitive Proxy Statement to shareholders by Friday, 19 June 2009. Micro Focus will be sending its Circular to Shareholders shortly afterwards.
Further to the announcement made on 1 June 2009, the financial buyer that made a preliminary non-binding indication of interest for Borland Software Corporation ("Borland") has withdrawn from the process.
Commenting on the proposed acquisition, Stephen Kelly, Chief Executive Officer of Micro Focus International plc, said:
"Both companies are fully focused on completing the transaction which we believe is based on strong strategic rationale and is therefore in the best interests of both companies, their shareholders, employees and customers."
Enquiries:
|
Micro Focus |
Tel: +44 (0)1635 32646 |
|
Stephen Kelly, Chief Executive |
|
|
Nick Bray, Chief Financial Officer |
|
|
Tim Brill, Head of Corporate Communications & IR |
|
|
Financial Dynamics |
Tel: +44 (0)20 7831 3113 |
|
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
Related Shares:
MCRO.L