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i2 Technologies founder sells 275,856 shares, keeps 18.6% ownership
By Lisa Kerner
Charlotte, N.C., Nov. 16 - i2 Technologies, Inc. founder Sanjiv S. Sidhu sold 275,856 shares of the company's stock on Nov. 11 and Nov. 12, according to a schedule 13D/A filed on Monday with the Securities and Exchange Commission.
Each share sold for $18.40 or $18.41.
Sidhu beneficially owns 4,232,991 shares, or 18.6%, of the Dallas-based supply chain management solutions company.
On Nov. 5, JDA Software Group, Inc. announced an agreement to acquire i2 Technologies under one of two financing plans.
Under the first plan, JDA would issue approximately $275 million of senior unsecured notes by Dec. 18.
As previously reported, each share of i2 common stock would then be converted into the right to receive approximately $12.70 in cash and 0.256 shares of JDA common stock for a total value of $18.00.
However, if JDA fails to raise sufficient funds, i2 shareholders, under an alternative structure, would receive about $6.00 in cash and 0.580 shares of JDA common stock for a total value of $18.00 per share.
Both companies' boards of directors have approved the transaction, which is expected to close in the first quarter of 2010, said JDA.
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