By Lisa Kerner
Charlotte, N.C., March 15 - Pitney Bowes Inc. entered into a merger agreement to acquire MapInfo Corp. in a tender offer priced at $20.25 per share for a transaction valued at $408 million.
The tender offer is slated to begin within the next seven business days and the transaction is expected to close in the second quarter of 2007, according to a company news release.
The acquisition will strengthen Pitney Bowes' position in the growing location intelligence market, the company said.
"We are excited to become part of the Pitney Bowes team and believe this transaction will help take us to the next level," MapInfo chief executive officer and president Mark Cattini said in the release.
"The combination of Pitney Bowes and MapInfo will dramatically expand our access to critical resources needed to further increase market awareness and our distribution capabilities around the world."
MapInfo, located in Troy, N.Y., provides location intelligence solutions.
Pitney Bowes is a provider of integrated mailstream management solutions based in Stamford, Conn.
| Acquirer: | Pitney Bowes Inc.
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| Target: | MapInfo Corp.
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| Transaction value: | $408 million
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| Payment per share: | $20.25
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| Announcement date: | March 15
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| Expected closing: | Second quarter of 2007
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| Stock price for target: | Nasdaq: MAPS; $13.21 on March 14
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