AP
Nuance offers to buy Zi Corp. for 80 cents a share
Thursday August 14, 9:26 pm ET
Nuance Communications offers to buy Zi Corp. for 80 cents a share
WASHINGTON (AP) -- Nuance Communications Inc. said it has made an offer to buy Zi Corp. for roughly $40.4 million, or 80 cents a share in cash. That would a 150 percent premium over Zi Corp.'s closing share price of 32 cents a share on Wednesday.
Nuance Communications, of Burlington, Mass., makes speech-based technology used to provide automated customer care services, directory assistance and voice-activated commands on wireless devices, among other applications. The company also provides dictation and transcription solutions and services, as well as imaging solutions.
Zi Corp., based in Calgary, Alberta, makes software used to deliver wireless applications, such as mobile search and advertising. The company has not commented on the Nuance offer.
Zi Corp.'s shares rose 35 cents, or 109.4 percent, to 67 cents on Thursday. Nuance rose 10 cents to $16.46.
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