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News Breaks | | | | October 1, 2012 | | 09:11 EDT |  | VSNT | Versant announces agreement to be acquired by UNICOM
Versant announced that it has signed a definitive agreement to be acquired by UNICOM Systems, Inc, a global information technology company and part of the UNICOM group of companies. The agreement provides for a merger of Versant with a subsidiary of UNICOM in which shareholders of Versant common stock will receive $11.50 per common share in cash. This price represents a premium of approximately 17% on Versant's closing price of $9.85 per share on Sept. 28. The total transaction consideration is expected to be approximately $32M. The transaction has been unanimously approved by Versant's Board of Directors and is currently expected to close within Versant's fiscal 2013 first quarter ending Jan. 31, 2013. Following completion of the transaction, Versant will be wholly owned by UNICOM and its stock will no longer trade on the NASDAQ. Due to the pending transaction with UNICOM, Versant is withdrawing previously issued financial guidance with respect to the full fiscal year ending Oct. 31, 2012. In addition, Versant has terminated its 2012 Stock Repurchase Program as of Sept. 28, 2012. | |
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