Mergers and Acquistions News
Categories: Software
October 28th 2009, 17:11PM
In an update to one of the biggest software merger deals in recent months, Software AG has announced that it has acquired over 90 per cent of the shared of IDS Scheer AG.
It is believed that the outcome of this development will be that IDS Acheer AG will be removed from the Frankfurt Stock Exchange indices due to a lack of free float.
The merger deal will create a global producer of infrastructure and business process management software with more than 6,000 employees, while revenue of the combined firm is expected to grow to more than €1 billion (£900 million).
"Our goal remains 100 percent ownership of IDS Scheer AG in order to realise synergies and fully exploit the growth potential," commented Arnd Zinnhart, chief financial officer of Software AG.
The takeover offer was announced in July, when Software AG offered €15 (£13.50) in cash per outstanding share of IDS Scheer, representing a total purchase price of approximately €487 million (£438.7 million).
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