The Pivotal Corp takeover tussle appears to have reached a conclusion after reports that Oak Investment Partners has no plans to increase its bid, leaving CDC Software Corp’s offer the only effective one left on the table.
As a result of the arrival of the formal offer from the Chinadotcom subsidiary last week, which was deemed to be superior to the Oak offer by the Pivotal Special Committee, Oak had until Thursday December 4, to respond with a revised offer. It was offering $1.78 per share compared to CDC’s $2.14 per share in mixed stock and cash, or $2.00 in cash.
In a statement late on Thursday, Oak said: There is no financial justification for increasing the price of its proposed acquisition of Pivotal at this time.
Oak’s proposal to acquire Pivotal and merge it with another company in its portfolio, Talisma, acted as a catalyst for two further bids from Onyx Software Corp and CDC. Onyx withdrew its bid on December 3. Pivotal shareholders are scheduled to vote on the Oak offer on December 8.
This article is based on material originally produced by ComputerWire.