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.
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