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Technology Stocks : Sequoia Software Corp. (SQSW)
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To: Chartgod who wrote (95)3/21/2001 8:44:21 AM
From: Glenn Petersen  Read Replies (2) of 102
 
James, Citrix is going to acquire SQSW is an all cash deal at $5.64 per share. Given SQSW's strength over the last week, one has to wonder if word got out.

Citrix to acquire Sequoia for $184.6 million

NEW YORK, March 21 (Reuters) - Specialty software maker Citrix Systems Inc. <CTXS.O> will acquire Sequoia Software Corp. <SQSW.O> for $184.6 million cash in a deal aimed at expanding Citrix's product line, the companies said on Wednesday.

Ft. Lauderdale, Fla.-based Citrix will pay $5.64 per share for the outstanding stock of Sequoia, whose shares closed at $5 on Tuesday on the Nasdaq stock market. Citrix said it expects the transaction to dilute its earnings in fiscal 2001 but boost them in fiscal 2002.

The boards of both companies have approved the transaction, which is subject to regulatory approval. Holders of a majority of the outstanding shares of Sequoia have agreed to tender their shares to Citrix, and the deal is expected to close during the second quarter.

Citrix said that by adding Sequoia's portal products and technology to its existing applications, it will be able to deliver a more complete application services platform.

Citrix also reaffirmed financial guidance it provided in January, when it said it could achieve 2001 sales growth in the low-20s percent range and share profit growth in the high-20s percent range.

08:04 03-21-01
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