Pegasystems today announced the completion of the cash tender offer by its wholly-owned subsidiary, Maple Leaf Acquisition Corp., for all outstanding shares of common stock of Chordiant Software, Inc. (NASDAQ: CHRD), a leading provider of software and services to help organizations maximize their customers’ experiences.
The tender offer expired at 12:00 Midnight (one minute after 11:59 p.m.), New York City time, on Tuesday, April 20, 2010. The depositary for the tender offer has advised Pegasystems that, as of the expiration of the tender offer, approximately 24,988,423 shares of Chordiant’s common stock (including 1,110,825 shares that were tendered pursuant to guaranteed delivery procedures) were validly tendered and not withdrawn in the tender offer, representing approximately 81.8% of Chordiant’s issued and outstanding shares. All validly tendered shares have been accepted for payment in accordance with the terms of the tender offer.
Pegasystems intends to complete the acquisition of Chordiant through a short-form merger as soon as possible, and which is currently expected to be completed on or about April 21, 2010. In order to accomplish the short-form merger, Purchaser will exercise a “top-up” option provided pursuant to the merger agreement, dated March 14, 2010, by and among Pegasystems, Maple Leaf Acquisition Corp. and Chordiant, to purchase newly issued shares of Chordiant’s common stock in order to acquire total ownership of at least 90% of the outstanding shares of Chordiant’s common stock. In the short-form merger, all outstanding shares of Chordiant’s common stock not purchased in the tender offer will be converted into the right to receive $5.00 per share in cash without interest, less any required withholding taxes. After completion of the merger, Chordiant will be a wholly owned subsidiary of Pegasystems.
“We are pleased with the successful completion of the tender offer and look forward to quickly closing this important transaction,” said Alan Trefler, Founder and CEO of Pegasystems. “The broader portfolio of the combined organization will deliver more powerful solutions that today’s businesses are looking for to enhance customer experience and drive profitable growth. Pegasystems is committed to continuing our history of innovation and business transformation to better serve the needs of the world’s leading organizations.”
For the full press release visit http://www.pega.com