CDC gets court OK to sell CDC Software shares to Archipelago

By Jim Witters

Wilmington, Del., March 20 - CDC Corp. received court approval to accept the $249.79 million stalking horse bid of Archipelago Holding for 100% of the shares in CDC Software, according to documents filed Tuesday with the U.S. Bankruptcy Court for the Northern District of Georgia.

Archipelago is a Cayman Islands affiliate of Vista Equity Holdings. The purchase price represents a price of $10.50 per share.

No overbids were received before the deadline.

As previously reported, CDC received court approval to sell CDC Software shares on Feb. 16.

CDC owns 100% of the shares of CDC Software International Corp.'s capital stock.

In turn, CDC Software International owns 23.79 million class B ordinary shares in the capital of CDC Software Corp., or roughly 87% of CDC Software's outstanding share capital.

CDC and CDC Software International entered into the share purchase agreement with Archipelago on Feb. 1.

CDC Corp., a Hong Kong- and Atlanta-based enterprise software and new media company, filed for bankruptcy on Oct. 4 in the U.S. Bankruptcy Court for the Northern District of Georgia. Its Chapter 11 case number is 11-79079.

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