American Software (AMSWA) Begins Tender Offer to Acquire Remaining Public Minority Stake in Logility

May 22, 2009 9:17 AM EDT

American Software, Inc. (Nasdaq: AMSWA) announced today that it is commencing a cash tender offer for all of the outstanding publicly held minority interest in Logility, Inc. (Nasdaq: LGTY) for $7.02 per share in cash. This price represents premiums of approximately 40% and 52% when compared, respectively, to the $5.00 closing price and $4.61 10-day volume weighted average trading price on March 18, 2009, the last trading day prior to the date we announced our intention to make the tender offer.

American Software currently owns approximately an 88% equity interest in Logility. If upon expiration of the tender offer American Software owns 90% of Logility's equity, Logility would become a wholly-owned subsidiary of American Software.

American Software's only interest is in acquiring the shares of Logility held by the minority shareholders and it has no interest in disposing of its controlling interest in Logility. American Software is making its offer to purchase directly to public shareholders to acquire the portion of Logility it does not already own by means of a tender offer. The transaction will be financed with cash on hand.

Related Categories

Mergers and Acquisitions

Stocks Mentioned

Add Your Comment

Name

Subject

Body

Verification can't see the text?
click here to refresh the image.
what's this?