IBM, ILOG merger cleared by European Commission

By Lisa Kerner

Charlotte, N.C., Nov. 11 - The European Commission gave its approval of the proposed acquisition of ILOG SA by International Business Machines Corp.

According to the commission, the acquisition would not significantly impede effective competition in the European Economic Area or any substantial part of it.

In October, IBM 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.

Both offers are expected to close Nov. 17, it was previously reported.

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.

The offers are conditioned on Citloi acquiring 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.

IBM, based in Armonk, N.Y., develops computer systems, software, storage systems and microelectronics.

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