Pegasystems Inc. today announced the U.S. Federal Trade Commission has granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, with respect to its previously announced planned acquisition of Chordiant Software, Inc. a provider of customer relationship management (CRM) software and services.
On March 24, 2010, Pegasystems, through its wholly owned subsidiary, Maple Leaf Acquisition Corp., initiated a cash tender offer to purchase all outstanding shares of Chordiant’s common stock at a price of $5.00 per share. The tender offer will expire at midnight on April 20, 2010, unless extended in accordance with the merger agreement and the applicable rules and regulations of the U.S. Securities and Exchange Commission (SEC). Termination of the waiting period under the Hart-Scott-Rodino Act satisfies one of the conditions to the tender offer. The completion of the tender offer is also conditioned on the tender of a majority of the outstanding shares of Chordiant’s common stock and the satisfaction of other customary closing conditions.