Salary.com/Kenexa
Kenexa Corporation (Nasdaq: KNXA) and Salary.com, Inc. (Nasdaq: SLRY) today announced that they have entered into an agreement for Kenexa’s acquisition of Salary.com in an all cash tender offer and merger for $4.07 per share, or approximately $80 million.
Kenexa expects the transaction to close in the fourth quarter of 2010.
Kenexa expects to finance the deal through a combination of its cash balances and borrowings against its credit facility, which was recently put in place.
Upon completion of the Salary.com acquisition, Kenexa’s non-GAAP results will exclude stock-based compensation expense and amortization of intangibles associated with acquisitions as they have in the past, in addition to non-recurring professional fees associated with completing the transaction and the purchase accounting reduction to Salary.com’s deferred revenue.
Kenexa expects the transaction to close in the fourth quarter of 2010.
Kenexa expects to finance the deal through a combination of its cash balances and borrowings against its credit facility, which was recently put in place.
Upon completion of the Salary.com acquisition, Kenexa’s non-GAAP results will exclude stock-based compensation expense and amortization of intangibles associated with acquisitions as they have in the past, in addition to non-recurring professional fees associated with completing the transaction and the purchase accounting reduction to Salary.com’s deferred revenue.
