All -
Unisys to buy PulsePoint in $100 mln deal
June 15, 1999 10:00 AM EDT
NEW YORK, June 15 (Reuters) - Business computer company Unisys Corp. (NYSE: UIS) on Tuesday said it would buy telecom software firm PulsePoint Communications Inc. (Nasdaq: PLPT) in a $100 million stock swap that bolsters its range of products to access voice, FAX and e-mail messages via multiple devices.
Under the deal, PulsePoint shareholders will get 0.176 shares, or $6.60 of Unisys stock for each of their shares. The value of the deal is based on Unisys' June 14 closing price of $37.44.
The Unisys offer represented a 20 percent premium on PulsePoint's Monday closing price of $5.50.
The proposed acquisition comes as Blue Bell, Pa.-based Unisys moves away from making big, back-room computers into services and products that link corporate computer networks. PulsePoint provides Unisys with software that lets telecommunications companies integrate voice and data networks. The Carpinteria, Calif. company, which had 1998 revenue of $25.4 million, makes products that gather voice, FAX and e-mail messages in a single mailbox. Users can then access messages via conventional phones, cellular and smart phones and personal computers.
Under the proposed deal, Unisys would issue around 2.4 million shares to PulsePoint shareholders. In addition, all outstanding PulsePoint options and warrants will be converted into Unisys options and warrants.
The acquisition, which would be accounted for as a pooling of interests, is expected to close in the third quarter of 1999. It is subject to regulatory and PulsePoint shareholder approval.
REUTERS
|
