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IBM Opens Up ILOG Tender Offer

Stock quotes in this article: IBM , ILOG , ORCL , SAP  

IBM (IBM Quote) began a $340 million cash tender offer to acquire French software maker ILOG (ILOG Quote) Tuesday, a purchase the U.S. company hopes will boost its presence in the lucrative business process management market.

The tech giant's Citloi subsidiary is offering 10 euros, or $13.70, for each of ILOG's shares in France and the company's American depositary shares held in the U.S. Both offers are expected to end Nov. 17.

Shares in IBM, which recently issued an encouraging earnings report, were up 3.9% to $95.76, despite a broader slump in tech stocks. ILOG was gaining 3.1% to $13.40. ...

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