Borland receives offer potentially superior to Micro Focus deal

By Lisa Kerner

Charlotte, N.C., June 25 - Borland Software Corp. said it provided "Company A" access to its data room after Borland's board of directors determined that Company A's proposal was "reasonably likely" to lead to a superior proposal under Borland's merger agreement with Micro Focus International plc.

Company A submitted a nonbinding proposal to acquire Borland for $1.25 per share in cash, Borland said.

Micro Focus has been made aware of the developments, according to a form 8-K filed with the Securities and Exchange Commission.

As previously reported, Micro Focus amended its May 5 merger agreement with Borland last week, increasing its per-share offer price to $1.15 from $1.00 and increasing the termination fee to $4 million from $3 million.

Micro Focus is a Newbury, England-based software company.

Borland, based in Austin, Texas, is a vendor of open application lifecycle management solutions.

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