IBM in definitive merger with Unison
ARMONG, N.Y., Sept 15 (Reuter) - International Business Machines Corp's Tivoli Systems subsidiary will acquire Unison Software, based in Santa Clara, California, a joint statement from the companies said Monday.
Under the terms of the definitive merger agreement, each share of Unison common stock will be converted into the right the receive $15 in cash or IBM common stock, the joint statement said. Shareholders may elect to receive up to about one-half the total value in cash.
The cost of the deal to IBM will be about $170 million.
IBM's two largest shareholders, who are also officers and directors of Unison, have agreed to vote their shares, representing 32 percent of Unison's outstanding common stock, in favor of the merger, the joint statement said.
It said the merger will combine Tivoli's TME 10 product line and Unison's products, simplfying application management operations between mainframe and client/server environments.
Tivoli, headquartered in Austin, makes the TME 10 to reduce the ``cost and complexity'' of managing networks, systems, databases and applications.
Unison posted annual revenue for the year ended May 31 of $39. 8 million, a 32 percent increase from $30 million for the fiscal year 1996.
Monday September 15 9:19 AM EDT |
