August 08, 2000 13:36
Commerce One Receives Antitrust Approval For AppNet Buy (CMRC)
(NewsTraders.com)--Commerce One (CMRC) has received regulatory clearance to proceed with its proposed acquisition of AppNet (APNT), the Federal Trade Commission said Tuesday.
As reported, Commerce One announced on June 20 that it had agreed to buy AppNet, a provider of end-to-end Internet professional services, in a stock-for-stock deal initially valued at $1.4 billion.
In the deal, Commerce One will issue 0.8 of a share for each share outstanding of AppNet, and will assume all outstanding stock options and other rights to acquire AppNet stock.
With the acquisition, Commerce One expects to significantly enhance its ability to deliver e-commerce services to its customers and will accelerate the pace of implementation for its business-to-business exchanges worldwide.
The combined entity will have 44 offices in 18 countries around the world. The total number of employees is estimated at more than 2,300.
The FTC said it granted the transaction early termination approval of the required waiting period under the Hart-Scott-Rodino Antitrust Act on Aug. 7.
Approval under the HSR Act was required for the proposed deal to go forward.
In recent market activity, shares of Commerce One surged $2.63, or 5.19%, to $53.19, while AppNet, in tandem, jumped $2.19, or 5.49%, to $42.
Copyright 2000 NewsTraders Inc. All Rights Reserved 13:38 Tuesday, August 08, 2000 |
