Bye Bye Borland …

Borland Software Corporation (NASDAQ: BORL) (‘Borland’), the global leader in Open Application Lifecycle Management (ALM), today announced that Micro Focus International plc (LSE:MCRO.L) (‘Micro Focus’) and Borland have entered into a definitive agreement (the ‘Agreement’) under which Micro Focus will acquire all the outstanding shares of Borland in a cash merger transaction …

Pursuant to the terms of the Agreement, Micro Focus will acquire each outstanding share of common stock of Borland for $1.00 per share, representing a premium of 25% over the closing share price of Borland’s common stock on May 5, 2009 of $0.80 and a premium of approximately 67% over the average thirty trading day closing price of $0.60. The aggregate transaction value is approximately $75 million. The boards of directors of both companies have unanimously approved the transaction. The acquisition is expected to be completed in late Q2/early Q3 2009, subject to approval by both Micro Focus and Borland shareholders, US antitrust approvals and other customary closing conditions.

J.P. Morgan Securities Inc. and DLA Piper LLP (US) served as advisors to Borland in the transaction. Arma Partners LLP and Kirkland & Ellis LLP served as advisors to Micro Focus.

Find the full press release here.

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