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IBM begins tender offers for ILOG in France, United States
By Lisa Kerner
Charlotte, N.C., Oct. 14 - International Business Machines Corp. subsidiary Citloi SAS began concurrent cash tender offers in France and the United States for all outstanding shares, including shares represented by American Depositary Shares, and warrants of ILOG SA.
Both offers are expected to close Nov. 17, an IBM news release said.
In July, IBM announced it would acquire ILOG, a Paris software company, for approximately €215 million, or about $340 million, on a fully diluted basis.
According to IBM, the cash tender offer price is €10 per ordinary share and the dollar equivalent per ADS.
IBM said the offers are subject to approval by the European antitrust authorities and are conditioned on Citloi's having acquired the right to hold shares, including ADSs, and warrants representing at least 66.67% of ILOG's share capital and voting rights on a fully diluted basis.
ILOG's board of directors has unanimously approved the offers, and some ILOG shareholders with a combined 10% stake in the company agreed to tender their shares in the offers.
IBM, based in Armonk, N.Y., develops computer systems, software, storage systems and microelectronics.
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