SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Technology Stocks : EXLN - Excelon
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Richard who wrote (807)10/21/2002 8:54:42 AM
From: Richard   of 811
 
Progress Software Signs Definitive Pact To Buy EXcelon

BEDFORD, Mass. -(Dow Jones)- Progress Software Corp. (PRGS) agreed to acquire eXcelon Corp. (EXLND) in an all-cash transaction valued at about $24 million, or $3.19 a share.
Based on eXcelon's closing price Friday of $2.41, the transaction represents a 24% premium to the data management software provider. EXcelon enacted a 1-for-8 reverse split Oct. 7 after receiving notice about two months earlier that it was subject to Nasdaq delisting.

In a press release Monday, technology provider Progress Software said the impact of the purchase on fiscal 2003 results will depend on the timing of the transaction's closing. The company expects to complete the acquisition within 90 days, subject to customary closing conditions.

A Thomson First Call survey of four analysts produced a mean earnings estimate of 66 cents a share for Progress Software for fiscal 2003.

Both companies' boards and eXcelon's shareholders approved the transaction. EXcelon's directors, certain officers and the largest shareholder have agreed to vote for the deal.

EXcelon granted Progress Software an option to acquire newly issued common shares equal to about 19.9% of shares outstanding.

A conference call will take place at 10 a.m. EDT.

Shares of Progress Software closed Friday at $12.18, up 47 cents, or 4%, in Nasdaq trading. The stock hit a 52-week low of $11.50 on Thursday.

Progress Software Web site: progress.com
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News