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American Software, Inc., a developer and marketer of supply chain and enterprise software, has extended the expiration date of its tender offer to acquire the remaining 12% stake in Logility, Inc., a provider of supply chain management solutions. Both the companies are based in the US.
The offer, which was scheduled to expire on June 25, 2009, has been extended until June 29, 2009. The offer is being extended in order to provide shareholders additional time to review disclosure updates being filed with the Securities and Exchange Commission (SEC) on June 26, 2009.
A total of approximately 1,142,000 shares of Logility common stock have been tendered and not withdrawn in the tender offer, and 374,000 shares have been tendered conditionally upon exercise of Logility stock options.
Update on June 19, 2009:
American Software has extended the expiration date of its tender offer to acquire the remaining 12% stake in Logility until June 25, 2009.
The offer is being extended in order to provide shareholders additional time to review disclosure updates being filed with the SEC on June 19, 2009.
A total of approximately 685,000 shares of Logility common stock have been tendered and not withdrawn in the tender offer, and 374,000 shares have been tendered conditionally upon exercise of Logility stock options.
Update on May 22, 2009:
American Software has commenced its cash tender offer to acquire the remaining 12% stake in Logility.
The tender offer is scheduled to expire on June 22, 2009. Following the expiration of the tender offer if American Software owns 90% of Logility's equity, Logility would become a wholly-owned subsidiary of American Software. The transaction will be financed with cash on hand.
Update on May 15, 2009:
American Software has increased its offer price to acquire the remaining 12% stake in Logility from $5.10 per share in cash to $7.02 per share in cash.
The $7.02 offer price represents a premium of 40.4% when compared to the closing price on March 18, 2009 and a 37.6% premium over American Software's original proposal of $5.10.
Announcement (March 18, 2009):
American Software is planning to acquire the remaining 12% stake in Logility at a price of $5.10 per share in cash.
The offer price represents a premium of 2% when compared to the March 18, 2009 closing price of $5 per share. The tender offer is expected to commence on or about April 10, 2009 and expire on or about April 30, 2009, unless extended.
American Software currently owns approximately 88% of the outstanding common stock of Logility.
Deal Value (US$ Million) 10.85 Deal Type Acquisition Sub-Category Minority Acquisition Deal Status Announced: 2009-03-18
Deal Participants
Target (Company) Logility, Inc. Acquirer (Company) American Software, Inc.
Deal Rationale
The transaction would enable American Software to fully realize cost synergies and improve operational efficiencies by reducing complexity and eliminating duplication in finance and accounting functions.
Bid Premium ($ per share) 40.4 % Acquisition 12%
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