SPSS announces change-of-control tender offer for 2.5% convertibles

By Lisa Kerner

Charlotte, N.C., Oct. 2 - SPSS Inc. has begun a change-of-control tender offer for its 2.5% convertible subordinated notes due 2012, according to an 8-K filing with the Securities and Exchange Commission.

The offer is being held in connection with SPSS' acquisition by International Business Machines Corp. on Oct. 2.

The company is offering par plus accrued interest.

The offer ends at 5 p.m. ET on Nov. 2.

According to the filing, the right of holders to surrender their notes for conversion ends at 5 p.m. ET on Nov. 2.

Each $1,000 principal amount of notes is convertible into $1,214.22 in cash, which is equal to the $50-per-share price paid by IBM in the merger multiplied by the notes' conversion ratio of 24.2843.

SPSS, located in Chicago, provides predictive analytics technology and services.

IBM, based in Armonk, N.Y., develops computer systems, software, storage systems and microelectronics.

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