Mergers and Acquistions News
Categories: IT Services & Consulting
December 5th 2008, 16:07PM
Business software firm I2 Technologies has terminated its $346 million (£236 million) merger agreement with JDA Software, it has been revealed.
The deal was increasingly in doubt after I2's board rejected proposals from JDA to cut the offer price to less than the $14.86 per share that had originally been offered, reports Reuters.
Commenting on the move, Jackson L Wilson Junior, executive chairman of the I2 board, stated that the company has "excellent" customers and staff and remains in a strong financial position.
"While it is unfortunate that we could not consummate the merger agreement with JDA, we look forward to fully focusing on making our customers successful," he said.
The board remains committed delivering value to shareholders, Mr Wilson added.
According to I2 it expects to receive the non-refundable termination fee of $20 million from JDA within three business days.
JDA was founded in 1978 by Canadian entrepreneur James D Armstrong, although the original firm was later sold and a US-based version established.
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