By Lisa Kerner
Charlotte, N.C., Jan. 22 - Interwoven, Inc. agreed to be acquired by Autonomy Corp. plc for $16.20 in cash per share in a transaction valued at approximately $775 million.
The per-share offer price is a 36.8% premium to Interwoven's closing price on Wednesday and a 36.2% premium to the average closing share price over the 30 days through Wednesday, Autonomy said.
According to Autonomy, it will fund the transaction with an underwritten placing of ordinary shares, a new revolving credit facility from Barclays of up to $200 million and a portion of Interwoven's and Autonomy's cash reserves.
The companies expect to close the merger in the second quarter.
Under the terms of the merger agreement, Interwoven or Autonomy may be required to pay a $25 million break-up fee to the other upon certain termination events.
"The combination of Autonomy and Interwoven, industry leaders in meaning based computing and document and content management respectively, will continue the extension of Autonomy's IDOL as a key element of the regulatory, legal and compliance industries," Dr. Mike Lynch, Autonomy's group chief executive officer, said in a company news release.
Autonomy, a Cambridge, England-based infrastructure software company, is being advised by Deutsche Bank AG and Morgan Stanley & Co. Ltd.
Interwoven is a content management solutions provider based in San Jose, Calif.
| Acquirer: | Autonomy Corp. plc
|
| Target: | Interwoven, Inc.
|
| Announcement date: | Jan. 22
|
| Transaction total: | $775 million
|
| Price per share: | $16.20
|
| Termination fee: | $25 million
|
| Expected closing: | Second quarter of 2009
|
| Stock price for target: | Nasdaq: IWOV: $11.84 on Jan. 21
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
