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Borland Software Soars on News of Acquisition
Stock quotes in this article:BORL
Borland Software(BORL) 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.TheStreet Premium Services
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