By Lisa Kerner
Charlotte, N.C., Feb. 14 - The board of directors of Docucorp International Inc. unanimously voted to reaffirm its recommendation of the proposed $10.00 per share all-cash transaction with Skywire Software LLC and urged shareholders to vote in favor of the merger.
Ebix, Inc.'s offer of $11.00 per share ($7.46 cash plus Ebix shares) was not considered superior to the Skywire offer, according to a company news release.
The Skywire transaction, which includes a $3.9 million breakup fee, is expected to close on Feb. 23, while the Ebix merger would have taken four to six months to complete.
Dallas-based Docucorp markets customer communication management software.
Skyline is a diversified software company based in Frisco, Texas, that specializes in insurance, financial services and enterprise services management.
Atlanta-based Ebix supplies software and e-commerce products to the insurance industry.
| Acquirer: | Skywire Software LLC
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| Target: | Docucorp International Inc.
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| Payment per share: | $10.00
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| Announcement date: | Dec. 6
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| Expected closing: | Feb. 23
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| Stock price for target: | Nasdaq: DOCC; $10.46 on Feb. 13
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