Pega Completes Cash Tender Offer for Chordiant

on April 21, 2010
SMARTS™ Data-Powered Decision Management Platform

In a recent post, I announced the Chordiant acquisition by Pega…  More progress…

The tender offer just expired yesterday night at midnight EDT.  Pega has been able to acquire 81.8% of Chordiant issued and outstanding shares.  Pega will be able to complete the acquisition of Chordiant through a short-form merger today or soon.  For that, Pega will exercise a “top-up” option provided pursuant to the merger agreement, by and among Pegasystems, Maple Leaf Acquisition Corp. and Chordiant, to purchase newly issued shares of Chordiant’s common stock in order to acquire total ownership of at least 90% of the outstanding shares of Chordiant’s common stock.  In the short-form merger, all outstanding shares of Chordiant’s common stock not purchased in the tender offer will be converted into the right to receive $5.00 per share in cash without interest, less any required withholding taxes.  After completion of the merger, Chordiant will be a wholly owned subsidiary of Pegasystems.

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