This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Versant Announces Agreement To Be Acquired By UNICOM

MISSION HILLS, Calif. and REDWOOD CITY, Calif., Oct. 1, 2012 (GLOBE NEWSWIRE) -- Versant Corporation ("Versant") (Nasdaq:VSNT), an industry leader in specialized data management software, announced today that it has signed a definitive agreement to be acquired by UNICOM Systems, Inc. ("UNICOM"), a global information technology company and part of the UNICOM group of companies. The agreement provides for a merger of Versant with a subsidiary of UNICOM in which shareholders of Versant common stock will receive $11.50 per common share in cash. This price represents a premium of approximately 17% on Versant's closing price of $9.85 per share on September 28, 2012. The total transaction consideration is expected to be approximately $32 million.

"This merger will deliver premium value and liquidity to Versant's shareholders. Versant is excited to partner with UNICOM to continue to expand the Company's market leadership position," said Bernhard Woebker, Versant's President and Chief Executive Officer. "UNICOM is very excited about the business opportunities that this acquisition creates, and Versant's Redwood City and Hamburg operations will enhance our existing presence in both California and Germany," said Corry Hong founder, President and Chief Executive Officer of UNICOM. 

The transaction has been unanimously approved by Versant's Board of Directors and is currently expected to close within Versant's fiscal 2013 first quarter ending January 31, 2013. Following completion of the transaction, Versant will be wholly owned by UNICOM and its stock will no longer trade on the NASDAQ.  Due to the pending transaction with UNICOM, Versant is withdrawing previously issued financial guidance with respect to the full fiscal year ending October 31, 2012. In addition, Versant has terminated its 2012 Stock Repurchase Program as of September 28, 2012.

The agreement with UNICOM is subject to customary closing conditions, including the approval of Versant's shareholders and a covenant that Versant not allow its combined cash and qualified accounts receivable at closing to fall below a certain threshold.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,568.53 -127.94 -0.73%
S&P 500 2,079.65 -12.01 -0.58%
NASDAQ 5,088.63 -48.8540 -0.96%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs