- PROS offer of €2.05 per share represents a 45% premium on Cameleon’s trailing 90-day average common stock price as of October 23, 2013.
- PROS offer includes an additional €0.15 per share cash premium to the shareholders tendering their shares and warrants if PROS succeeds in holding 95% of Cameleon’s diluted 2 voting rights by December 31, 2014, which would result in a price of €2.20 per share, representing a 55% premium on Cameleon’s trailing 90-day average common stock price as of October 23, 2013.
- Cameleon’s four largest management shareholders together with IRDI and SOPROMEC, Cameleon’s two largest independent shareholders, representing in aggregate 26% of the diluted 2 share capital of Cameleon, have agreed to tender their shares to PROS, subject to regulatory approvals and other customary conditions.
PROS Holdings, Inc. (NYSE: PRO) and Cameleon Software (Paris: CAM) today announced PROS has entered into a definitive tender offer agreement to acquire Cameleon in an all-cash transaction valued at approximately €24 million (U.S. $33 million) 1, net of cash acquired. The transaction has been approved by the Boards of Directors of both PROS and Cameleon, respectively on the 22 nd and the 24 th of October, 2013. Under the terms of the agreement, PROS will commence the proposed tender offer to acquire all the outstanding shares of Cameleon. Key terms of the agreement include the following: