Notable Mergers and Acquisitions of the Day 10/08: ORCL, SCI/STEI, SYMC

October 8, 2008 9:54 AM EDT

• Oracle (Nasdaq: ORCL) today announced that it has agreed to acquire Primavera Software, Inc., a leading provider of Project Portfolio Management solutions, to accelerate its momentum in delivering mission-critical operational applications. Financial details of the transaction were not disclosed.
  
  Primavera's PPM software helps companies propose, prioritize and select project investments, and plan, manage and control the most complex projects and project portfolios. Together with Oracle's applications and infrastructure software, Oracle expects to provide the first comprehensive enterprise project portfolio management solution that helps companies allocate the best resources, reduce costs, meet delivery dates and ultimately make better decisions, all by using real-time data.
  
  
• Service Corporation International (NYSE: SCI) withdraws its previous proposal of $11 per share for Stewart Enterprises (Nasdaq: STEI).
  
  SCI said, "As you know, and as our advisors have discussed, Stewart's three pre-conditions to negotiation of a transaction with SCI are unacceptable to SCI. SCI cannot agree to accept all financing risk of a transaction (in other words, "hell or high water" on financing), accept all regulatory risk on antitrust clearance and, in addition, increase its $11/share proposal."
  
  
• Symantec Corp. (NASDAQ: SYMC) today announced it has signed a definitive agreement to acquire MessageLabs, a leading provider of online messaging and Web security services.
  
  Under the terms of the agreement, Symantec will acquire MessageLabs for a purchase price of approximately $695 million in cash, subject to foreign currency adjustments, payable in approximately 310 million Pounds Sterling and $154 million US Dollars.
  
  MessageLabs generated approximately $145 million in revenue during fiscal year 2008, ending July 31, 2008 and grew by more than 20 percent over the prior fiscal year. The agreement is subject to customary closing conditions including regulatory approvals, and is expected to close by the end of the 2008 calendar year.

To see all the Mergers & Acquisitions for today in real-time go to http://www.streetinsider.com/Mergers+and+Acquisitions

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