Enterprise resource management software maker Geac Computer Corp Ltd. and Comshare Inc. announced today that Geac has acquired about 83 percent of Comshares 9 million outstanding common shares.
Geacs tender offer of $4.60 per share for Comshare, which makes corporate performance management software, expired last night at midnight.
As a result of the transaction, Geac, of Markham, Ontario, also announced that it extended its tender offer for Comshare, of Ann Arbor, Michigan, until Monday, Aug. 11.
Should Geac be able to acquire at least 90 percent of Comshares outstanding stock before the tender offer is closed, it can consummate the merger without the need for a Comshare stockholders meeting, which could delay proceedings.
If the remaining 7 percent of Comshare stockholders are not forthcoming, it will be necessary for Comshare to schedule a meeting for its shareholders to approve the merger, officials said.