Merant Up on Results, Sale of Unit
UK business software company Merant (MRNT) was up 18.4% in midmorning as it posted fourth-quarter earnings of 26 cents per ADS, above analysts' estimates of 20 cents and up from 9 cents a year ago.
The company also announced it has sold its
Micro Focus
software unit for $62.5 million to
Golden Gate Capital
and
Parallax Capital Partners
, pending approval.
CEO Gary Greenfield is planning to step down, having completed this key aspect of the company's reorganization, Merant said. Greenfield will stay on until a successor is found.
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