By Lisa Kerner
Charlotte, N.C., June 12 - SoftBrands, Inc. agreed to be acquired by an affiliate of Golden Gate Capital and Infor Global Solutions for $0.92 in cash per common share in a deal valued at approximately $80 million including debt and preferred equity, SoftBrands announced on Friday.
The offer price is a premium of approximately 100% over the company's closing stock price on Thursday.
Wells Fargo Foothill, part of Wells Fargo & Co., will finance the acquisition.
SoftBrands' board of directors unanimously approved the transaction, which is expected to close in 60 to 90 days, the company said.
SoftBrands said its common stockholders will retain the rights to 10% of the AremisSoft Liquidating Trust's net cash proceeds, if any, received and distributed by the trust.
Piper Jaffray & Co. advised SoftBrands.
SoftBrands, based in Minneapolis, provides software to the manufacturing and hospitality industries.
Golden Gate Capital is a San Francisco-based private equity investment firm.
Infor is a private enterprise software company based in Alpharetta, Ga.
| Acquirer: | Golden Gate Capital, Infor Global Solutions
|
| Target: | SoftBrands, Inc.
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| Announcement date: | June 12
|
| Price per share: | $0.92
|
| Expected closing: | 60 to 90 days
|
| Stock price of target: | NYSE Amex: SBN: $0.47 on June 11
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