AremisSoft

(AREM)

agreed to acquire

Fourth Shift

for $3.70 a share, giving the transaction a total value of $40.5 million.

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AremisSoft, which is based in the U.K., will absorb Fourth Shift's business software line into its own. Fourth Shift, an application software provider based in Minneapolis, has about 10.8 million shares outstanding.

The boards of both companies have approved the deal. Fourth Shift shareholders are scheduled to vote on the acquisition in mid-May.

AremisSoft, a maker of software for manufacturing, health care and other industries, closed at $25.56 in regular

Nasdaq

trading. Shortly after the market closed, the company lost another $2, to $23.56 in after-hours action on

Island

. Fourth Shift closed at $2.63, but rose to $3 after the bell.