Mercator Soars on Buyout by Ascential
The $3-a-share cash bid should close by the end of the third quarter.
The $3-a-share cash bid should close by the end of the third quarter.
Application integrator
Ascential Software
(ASCL)
will acquire rival
Mercator Software
TheStreet Recommends
(MCTR)
for $106 million. The news sent shares of Mercator skyrocketing 20% in premarket trading.
Ascential will make a cash tender offer for Mercator's outstanding stock for $3 a share, subject to certain conditions. Ascential said it expects the acquisition to add to earnings within the first year. It expects it to close by the end of the third quarter.
Recently, shares of Mercator were up 50 cents at $2.95, according to Instinet. The company's products automate high-volume, complex transactions.
Shares of Ascential closed at $16 Friday.
