Emulex goes from defense to offense
Posted by Brenon Daly on June 9, 2010
Contact: Brenon Daly This time a year ago, Emulex was stiff-arming an unwelcome suitor. Now, it is warmly embracing another company. Emulex said Monday that it will acquire ServerEngines for $159m in cash and stock. It will hand over about $78m in cash and eight million shares, which were valued at $81m based on Emulex’s [...]
Sources: a take-private for Double-Take
Posted by Brenon Daly on May 10, 2010
Contact: Brenon Daly The final bidders for Double-Take Software have narrowed to three buyout shops, and a purchase of the file-replication software vendor could be announced within the next two weeks, we have learned. The company said a month ago that an undisclosed bidder had approached it about a possible transaction. A number of sources [...]
A Double-Take takeout?
Posted by Brenon Daly on April 12, 2010
Contact: Brenon Daly Never mind the business, somebody has their eye on Double-Take Software. The file-replication software vendor said Monday that it came up short in its first-quarter performance, continuing the struggles that it saw throughout 2009. Last year, maintenance revenue flat-lined, while license sales dropped by one-quarter. And although the first quarter is starting [...]
A nope from Novell
Posted by Brenon Daly on March 22, 2010
Contact: Brenon Daly The only surprise about Novell turning down the unsolicited $2bn offer from Elliott Associates was the timing. In an unorthodox move, the software vendor said ‘thanks, but no thanks’ to the hedge fund on Saturday morning, when most thoughts were turning to a full day of March Madness. (And what a maddening [...]
Chordiant hits the bid
Posted by Brenon Daly on March 15, 2010
Contact: Brenon Daly When Chordiant Software received an unsolicited offer from CDC Software in early January, we were pretty certain that deal had roughly 0% chance of getting done. We noted that Chordiant had a poison pill in place that would make it extremely difficult – and time-consuming – for CDC to finalize the deal. [...]
Cadbury gets sweet deal; Yahoo sours
Posted by Brenon Daly on January 19, 2010
Contact: Brenon Daly When Kraft Foods first launched its bid for Cadbury four months ago, we termed the offer ‘an Old Economy rendition’ of Microsoft’s reach for Yahoo in early 2008. And while it wasn’t a direct parallel, there were a number of similarities: A diversified, dividend-paying company makes an unsolicited play for a target [...]
A short-lived bid for Chordiant
Posted by Brenon Daly on January 15, 2010
Contact: Brenon Daly In many ways, CDC Software’s unsolicited bid for Chordiant Software was over before it even began. As it was, the end became official late Thursday, as CDC Software pulled its $105m cash-and-stock offer for the money-losing CRM vendor just a week after floating it. It was clear that the hastily assembled ‘proactive [...]
Kana: bidding while the cash burns
Posted by Brenon Daly on December 18, 2009
Contact: Brenon Daly The progression from spurned bidder to shareholder activist isn’t all that unusual. But it is unusual when the party smarting is a publicly traded company, and decides to express its agitation through press releases. Yet, that’s exactly how Chordiant Software is venting its frustration over not landing Kana Software, with Chordiant telling [...]
An Old Economy version of Microsoft-Yahoo?
Posted by Brenon Daly on September 9, 2009
Contact: Brenon Daly Where have we heard this before? A diversified, dividend-paying company makes an unsolicited approach to a target that’s only just into a restructuring program, with a goal of bolstering a business where it’s currently an also-ran. Add to that, the would-be acquirer isn’t particularly known for its brass-knuckle M&A tactics, while the [...]
Sourcefire: No sale turns into a great deal
Posted by Brenon Daly on August 14, 2009
Contact: Brenon Daly With Barracuda Networks looking to gobble up Austrian IT security vendor phion, we thought we’d look back on the other time the rapacious privately held firm eyed a public company. Last summer, Barracuda launched an unsolicited bid for Sourcefire, initially offering $7.50 per share but later raising that to $8.25. The bumped-up [...]
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