, an business-to-business software provider, said Tuesday it had acquired
New Era of Networks
in an all-stock transaction worth approximately $373 million.
Denver-based New Era of Networks is a business-to-business software systems integrator. Under terms of the agreement, each share of New Era will be converted into 0.3878 shares of Sybase stock. That implies an offer price of $9.50 a share. New Era shares closed Tuesday at $6.94, up $1.81, or 21%, in
The agreement was announced after the end of regular-session trading.
Sybase shares fell 56 cents, or 2.2%, to $24.50 Tuesday on the Nasdaq.
After hours on
, New Era shares were recently at $6.75, and Sybase shares were recently at $23.
Sybase said the transaction, which is expected to be completed in its fiscal second quarter, will be accounted for as a purchase and will be tax-free to New Era shareholders. Sybase also said it expects the acquisition to add to earnings in the 2002 fiscal year.
The action was approved by both companies' boards of directors.