Advised Micro Focus on its acquisition of NetManage, a provider of software for transforming legacy applications into new web-based solutions
We are pleased to announce that Arma Partners has acted as exclusive financial advisor to Micro Focus International plc (LSE: MCRO.L) on its recommended cash offer of $7.20 per share, or approximately $73 million for the entire issued and to be issued share capital of NetManage, Inc. (NASDAQ: NETM). The price represents a 73% premium to NetManage’s share price at close of business on the previous day.
Micro Focus, a member of the FTSE 250, is a provider of innovative software that allows companies to dramatically improve the business value of their enterprise applications. NetManage provides software technologies to transform core legacy applications into new Web-based business solutions.
Combining the businesses of Micro Focus and NetManage will further strengthen Micro Focus’s position as a leading player in the fast growing, highly fragmented Application Modernisation market and will be earnings enhancing in Micro Focus’s fiscal year ending 30 April 2009 (before amortisation of intangible assets and one-off integration and restructuring costs). The Offer is subject to approval by NetManage’s shareholders and customary closing conditions and is expected to close in June 2008.