SumTotal (SUMT) Confirms Revised Offer from Vista Equity; Board to Review Bid
SumTotal(R) Systems, Inc. (NASDAQ: SUMT) today confirmed that it has received a revised proposal from Vista Equity Partners to acquire all of the outstanding shares of SumTotal common stock.
Vista Equity increased its offer to $4.85 per share, or $4.95 per share if the breakup fee is invalidated or reduced to the original amount.
As previously announced on May 19, 2009, SumTotal entered into an amended definitive merger agreement with affiliates of Accel-KKR, under which affiliates of Accel-KKR will acquire all of the outstanding shares of SumTotal common stock for $4.80 per share in cash.
Consistent with its fiduciary duties and in consultation with its financial and legal advisors, SumTotal's Board will review Vista Equity's revised proposal and inform SumTotal's stockholders of its position. The Board advises stockholders not to take any action at this time with respect to the revised Vista Equity proposal and to await the Board's recommendation.
RBC Capital Markets Corporation is acting as financial advisor to the Board of SumTotal and Wilson Sonsini Goodrich & Rosati, Professional Corporation, is acting as SumTotal's legal counsel.
Vista Equity increased its offer to $4.85 per share, or $4.95 per share if the breakup fee is invalidated or reduced to the original amount.
As previously announced on May 19, 2009, SumTotal entered into an amended definitive merger agreement with affiliates of Accel-KKR, under which affiliates of Accel-KKR will acquire all of the outstanding shares of SumTotal common stock for $4.80 per share in cash.
Consistent with its fiduciary duties and in consultation with its financial and legal advisors, SumTotal's Board will review Vista Equity's revised proposal and inform SumTotal's stockholders of its position. The Board advises stockholders not to take any action at this time with respect to the revised Vista Equity proposal and to await the Board's recommendation.
RBC Capital Markets Corporation is acting as financial advisor to the Board of SumTotal and Wilson Sonsini Goodrich & Rosati, Professional Corporation, is acting as SumTotal's legal counsel.
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