Earnings
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.TheStreet Premium Services
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note |
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