Actian expects to use new debt for Pervasive Software buyout bid

By Sara Rosenberg

New York, Aug. 13 - Actian Corp. plans to use new debt financing and cash for its proposed acquisition of Pervasive Software Inc., according to a news release.

The company said that it is engaged in discussions with a number of lenders about the debt, and more than one of those lenders is highly confident about financing the transaction.

Under the proposal, Actian is offering to buy Pervasive for $8.50 per share in cash in a transaction valued at about $154 million.

"Given Pervasive's repeated refusal to engage with us regarding our proposal, and in light of the significant cash premium we are prepared to offer your stockholders and the compelling benefits inherent in a combination of our two companies, we are left with no other choice but to make our proposal public as we believe that Pervasive's stockholders are entitled to know about and evaluate for themselves the merits of our proposal.," Actian said in a letter to Pervasive.

"We and our advisors remain ready, willing and able to sit down with Pervasive and immediately enter into discussions regarding our proposal and commence confirmatory due diligence. We are prepared to deliver a draft acquisition agreement to you and begin discussions promptly," Actian added in the letter.

The proposal is subject to due diligence, the negotiation of a definitive acquisition agreement and the receipt of all necessary stockholder and regulatory approvals.

Actian is a Redwood City, Calif.-based provider of data management solutions. Pervasive is an Austin, Texas-based provider of software to manage, integrate and analyze data.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.