Notable Mergers and Acquisitions of the Day 8/27: CSCO, SINT, IKN
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- Notable Mergers and Acquisitions of the Day 8/27: CSCO, SINT, IKN
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StreetInsider.com Notable Mergers and Acquisitions of the Day:
- Cisco (Nasdaq: CSCO) today announced its intent to acquire privately held PostPath, Inc., a provider of innovative email and calendaring software. PostPath will enhance the existing email and calendaring capabilities of Cisco's WebEx Connect collaboration platform.
PostPath offers a Linux-based e-mail, calendaring and collaboration solution. It is interoperable with many other e-mail solutions and provides a browser-independent AJAX Web client. In addition, PostPath's software is compatible with a number of mobile clients.
According to terms of the deal, Cisco will pay approximately $215 million in exchange for all shares of PostPath. The acquisition is subject to various standard closing conditions and is expected to be complete in Cisco's Q109. Upon completion of the acquisition, PostPath employees will become part of the Cisco Collaboration Software Group.
- Serco Inc., the U.S.-based division of leading international service company Serco Group plc, and SI International, Inc. (Nasdaq: SINT) entered into a definitive merger agreement. Under the agreement, Serco will acquire SI International for $32 per share in cash, or an aggregate purchase price on a fully diluted share basis of approximately $423 million.
SINT closed at $22.89 on Tuesday. The per share purchase price represents a premium of 40% over SI International closing stock price on August 26, 2008.
- IKON Office Solutions (NYSE: IKN) signed a definitive agreement with Ricoh Company, Ltd., under which Ricoh will acquire IKON for $17.25 per share, or approximately $1.6 billion in cash.
IKON Office closed at $15.56 yesterday.
The combination of IKON and Ricoh will leverage IKON’s sales and services capabilities with Ricoh’s engineering and manufacturing expertise to better meet the needs of customers by offering full end-to-end office solutions and services.
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