By Lisa Kerner
Charlotte, N.C., Sept. 5 - Cognos Inc. agreed to acquire Applix, Inc. for $17.87 per share in a cash tender offer. The total value of the deal is about $339 million, or $306 million net of Applix cash on hand.
The transaction is expected to close in the fourth quarter of 2007, according to a news release. A $10.18 million termination fee payable by Applix to Cognos is part of the companies' agreement.
Details of the merger agreement were also included in a form 8-K filing with the Securities and Exchange Commission.
"This acquisition is a terrific strategic fit for Cognos," Cognos chief executive officer Rob Ashe said in the news release.
"Applix will broaden our solution offering and provide Cognos with an innovative, 64-bit, in-memory analytics capability. This is another major step forward for Cognos in delivering leading performance management solutions to finance and across operations."
Applix is a business analytics software solutions company based in Westborough, Mass.
Cognos is a business intelligence and performance management software solutions company located in Ottawa.
| Acquirer: | Cognos Inc.
|
| Target: | Applix, Inc.
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| Transaction total: | $339 million
|
| Price per share: | $17.87
|
| Termination fee: | $10,179,000
|
| Announcement date: | Sept. 5
|
| Expected closing: | Fourth quarter
|
| Stock price for target: | Nasdaq: APLX: $14.37 on Sept. 4
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