SumTotal Calls Vista Equity Bid Superior

MOUNTAIN VIEW, Calif. (AP) — SumTotal Systems Inc. said late Monday its board has decided a bid by private equity firm Vista Equity Partners to buy the company at $4.50 per share is superior to rival Accel-KKR's offer.

The total value of Vista Equity's bid, announced last week, would come to $140.4 million, including debt.

SumTotal, a software maker, agreed to be bought out by Accel-KKR at $3.80 per share in an all-cash deal announced April 24.

The company said it has not changed its recommendation that shareholders accept the bid from Accel-KKR. Nor has it made any recommendation on the Vista Equity offer.

SumTotal is obligated under its agreement with Accel-KKR to negotiate any changes to the terms of their deal within the next three business days.

SumTotal shares declined 4 cents to $4.56 in morning trading Tuesday.