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Micro Focus increases offer for Borland Software for second time
By Lisa Kerner
Charlotte, N.C., July 1 - Micro Focus International plc upped its fully funded cash offer for Borland Software Corp. to $1.50 per share from $1.15. The termination fee under the company's offer was also increased, to $5.2 million from $4 million.
Borland's board of directors approved the amended offer on Tuesday, a Micro Focus news release said.
Micro Focus previously amended its May 5 merger agreement with Borland, increasing its per-share offer price to $1.15 from $1.00 and increasing the termination fee to $4 million from $3 million.
Borland said it no longer believes that the nonbinding proposal from "Company A" to acquire Borland for $1.25 per share in cash will lead to a superior proposal as defined in its agreement with Micro Focus.
The unidentified company no longer has access to Borland's data room, according to a form 8-K filed with the Securities and Exchange Commission.
"There continues to be a strong strategic rationale for this transaction and we believe that it is in the best interests of both companies, their shareholders, employees and customers," Micro Focus chief executive officer Stephen Kelly said in a company news release.
"Regulatory and shareholder approval processes are progressing well and we remain fully focused on completing the transaction," Kelly said.
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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