IBM extends tender offer for ILOG shares, warrants in United States

By Susanna Moon

Chicago, Nov. 17 - International Business Machines Corp. said it extended its tender offer in the United States for all outstanding shares and warrants of ILOG SA until noon ET on Nov. 24.

The offer was scheduled to expire at noon ET on Nov. 17, along with the tender offer in France.

The extension in the United States follows the European Commission's decision on Nov. 10 to approve the proposed acquisition of ILOG by IBM and the subsequent publication by the French Autorité des marchés financiers of the timetable for IBM's concurrent tender offer in France, according to a press release.

As of 5 p.m. ET on Nov. 14, investors had tendered 1,563,584, or 69.8%, of the outstanding American Depositary Shares.

In July, IBM announced it would acquire ILOG, a Paris software company, for €215 million, or about $340 million, on a fully diluted basis.

IBM subsidiary Citloi SAS began concurrent cash tender offers for the shares in France and the United States on Oct. 14.

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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