IBM subsidiary to gain control of ILOG following squeeze-out on Dec. 29

By Lisa Kerner

Charlotte, N.C., Dec. 19 - The French Autorité des marchés financiers said the squeeze-out of the ordinary shares held by the minority shareholders of ILOG SA will be implemented on Dec. 29 at a price of €10 per ordinary share.

As a result of the squeeze-out, International Business Machines Corp. subsidiary Citloi SAS will have 100% of the voting rights and the share capital of ILOG, it was reported in a form 6-K filed with the Securities and Exchange Commission.

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

IBM requested the squeeze-out because the securities not tendered in its offer for ILOG represent less than 5% of the voting rights and share capital, it was previously reported.

ILOG board changes

ILOG shareholders elected Beth Smith, Paloma Valor, Einar Uboe and Emile Santafe to the company's board of directors at a meeting on Friday. Uboe was appointed chairman, and Pierre Haren was named chief executive officer, the filing said.

Board members whose terms expired were Haren, Marie-Claude Bernal and Pierre-Michel Peugnet.

Michel Alard, Pascal Brandys, Marc Fourrier, Richard Liebhaber and Todd Lowe resigned from the board.

ILOG is a Paris software company.

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

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