Vista Equity Partners Acquiring SumTotal Systems (SUMT) For $4.85 Per Share In Cash
SumTotal(R) Systems, Inc. (NASDAQ: SUMT) announced that it has entered into a definitive merger agreement with affiliates of Vista Equity Partners Fund III, L.P. under which Vista will acquire all the outstanding shares of SumTotal common stock for $4.85 per share in cash (the "Vista Agreement"), or approximately $160 million. The Vista Agreement was unanimously approved by the Board of Directors of SumTotal.
The purchase price represents a premium of approximately 141.3% over SumTotal's closing share price on April 3, 2009, the last trading day prior to the public announcement of Vista's proposal to acquire SumTotal for $3.25 per share in cash, and a premium of approximately 196.9% over SumTotal's average closing share price for the 30 trading days ending on April 3, 2009.
The purchase price represents a premium of approximately 141.3% over SumTotal's closing share price on April 3, 2009, the last trading day prior to the public announcement of Vista's proposal to acquire SumTotal for $3.25 per share in cash, and a premium of approximately 196.9% over SumTotal's average closing share price for the 30 trading days ending on April 3, 2009.
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