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Second Bidder Upsets Micro Focus-Borland Deal

If the Micro Focus deal falls through, Borland will have to pay Micro Focus $3 million
By Maureen O'Gara
Article Rating:
June 11, 2009 06:15 PM EDT
Reads:
 1,445

Although a vigilant press never sleeps, we confess we nodded off there for a moment and this almost got by us.

Last week while EMC was distracting everybody by one-upping NetApp in a hostile play for Data Domain, Micro Focus was saying sotto voce that a mystery company, described as a financial buyer, had trumped its $75 million cash offer for Borland.

Then in an SEC filing Borland said that “Company E” had sent it a letter on May 22, 16 days after its deal with Micro Focus was announced, conditionally offering $1.20 a share, 20% more than Micro Focus offered.

Borland said it signed an NDA with Company E and that “the indication of interest was reasonably likely to lead to a superior proposal.”

Any Company E deal now awaits the results of its due diligence.

If the Micro Focus deal falls through, Borland will have to pay Micro Focus $3 million.

Published June 11, 2009 – Reads 1,445
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Maureen O'Gara the most read technology reporter for the past 20 years, is the Cloud Computing and Virtualization News Desk editor of SYS-CON Media. She is the publisher of famous "Billygrams" and the editor-in-chief of "Client/Server News" for more than a decade. One of the most respected technology reporters in the business, Maureen can be reached by email at maureen(at)sys-con.com or paperboy(at)g2news.com, and by phone at 516 759-7025.

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