logo-loader

Micro Focus snaps up Nasdaq listed Netmanage Inc

Published: 10:56 01 May 2008 BST

no_picture_pai

Micro Focus International (LSE: MCRO) announced that it had agreed to acquire Nasdaq listed NetManage Inc for US$7.20 per share, valuing the US software company at US$73.3 million.

NetManage provides software that allows companies to "transform core applications into new Web-based business solutions". The acquisition price is a 73% premium to the share price of Netmanage on the day before the announcement. Micro Focus added that the offer price included a minimum of US$25 million in cash on NetManage's balance sheet.

"The Board of Micro Focus believes that combining the businesses of Micro Focus and NetManage will further strengthen Micro Focus's position as a leading player in the fast growing, highly fragmented Application Modernisation market." the Company said.

In a separate announcement, Micro Focus confirmed that trading was ahead of expectations for the 12 months to April 30th, 2008.

Shares in Mirco Focus climbed 10% to 258 pence valuing the group at £516 million.

Ariana Resources updates resource and reserve; realises long-term strategy

Joining Jonathan Jackson in the Proactive studio is Ariana Resources PLC (AIM:AAU) managing director Kerim Sener, who sits down to discuss the latest resource and reserve update for the Zenit Mining Operations in Western Türkiye. The update encompasses the Kiziltepe and Tavsan sectors, operated...

5 hours, 27 minutes ago