SAN FRANCISCO, Calif., June 12, 2013 /PRNewswire/ -- Salesforce.com (NYSE: CRM), the world's #1 CRM platform ( http://www.salesforce.com/), today announced it has commenced the previously-announced tender offer for all of the outstanding shares of common stock of ExactTarget (NYSE: ET) at a price of $33.75 per share in cash, net to seller in cash without interest and less any applicable withholding taxes.
The tender offer is being made pursuant to the acquisition agreement dated as of June 3, 2013 that was unanimously approved by the Boards of Directors of both companies. The tender offer is scheduled to expire at midnight New York City Time, on July 10, 2013 (which is the end of the day on July 10, 2013), unless extended or earlier terminated, in each case pursuant to the terms of the acquisition agreement. Following the successful completion of the tender offer and the satisfaction or waiver of all conditions set forth in the acquisition agreement, salesforce.com intends to merge a wholly-owned subsidiary with and into ExactTarget, with ExactTarget surviving, which we refer to as the "merger." After the merger, ExactTarget stockholders, other than stockholders who have properly and validly exercised their statutory rights of appraisal under Delaware law, will be entitled to receive an amount in cash equal to $33.75 per share of ExactTarget common stock net to the stockholder in cash without interest and less any applicable withholding taxes.
The transaction is subject to customary closing conditions, including the expiration or termination of any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, as well as the valid tender of more than fifty percent (50%) of the outstanding shares of ExactTarget common stock.