Borland Software Soars on News of Acquisition

Borland Software(BORL Quote) announced on Wednesday that it is being acquired by UK's Micro Focus International for $75 million in cash.

The news sent shares of Borland soaring 21% to 97 cents in afternoon trading.

Micro Focus will buy each outstanding share of Borland's common stock for $1 a share, a 25% premium over the company's May 5 closing price.

Both boards have already approved the deal, which is set to close later in this quarter or the third quarter.

Micro Focus is a developer of enterprise application modernization and management software. Borland makes open application, lifecycle management software.

The acquisition will boost Micro Focus' presence in the United States.