By Lisa Kerner
Charlotte, N.C., June 25 - Progress Software Corp. agreed to acquire IONA Technologies plc for $4.05 per share, or about $160 million.
IONA's board of directors unanimously approved the transaction, which is slated to close in September.
The acquisition will be effected by means of a scheme of arrangement under Irish law, according to a form 8-K filing with the Securities and Exchange Commission.
A wholly owned subsidiary of Progress Software, SPK Acquisitions Ltd., will acquire all of the outstanding securities of IONA not already owned by Progress Software.
IONA, a Dublin-based infrastructure software provider, will become an indirect wholly owned subsidiary of Progress Software.
The arrangement requires approval by IONA shareholders and the Irish High Court, the filing noted.
IONA has a U.S. headquarters location in Waltham, Mass., and offices worldwide.
Progress Software provides application infrastructure software for the development, deployment, integration and management of business applications. The company is located in Bedford, Mass.
| Acquirer: | Progress Software Corp.
|
| Target: | IONA Technologies plc
|
| Announcement date: | June 25
|
| Transaction total: | $160 million
|
| Price per share: | $4.05
|
| Expected closing: | September 2008
|
| Stock price of target: | Nasdaq: IONA: $3.60 on June 24
|
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