LONDON (ShareCast) - Software (Frankfurt: A0XFVC - news) company Micro Focus (LSE: MCRO.L
- news) has improved the terms of its offer for legendary US software company Borland.
Micro Focus is now offering $1.15 per Borland share, up from its previous offer of $1 per share. The terms value the entire issued share capital of Borland at about $88m.
The increased offer has headed off the prospect of a rival bid. On 1 June Micro Focus said it ha been notified by Borland that it had received a preliminary non-binding indication of interest from a financial buyer interested in buying the company.
“Both companies are fully focused on completing the transaction which we believe is based on strong strategic rationale and is therefore in the best interests of both companies, their shareholders, employees and customers,” said Stephen Kelly, chief executive officer of Micro Focus.
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