Pegasystems Completes Cash Tender Offer for Chordiant

Pegasystems (Cambridge, Mass.) has completed its cash offer, by its wholly owned subsidiary Maple Leaf Acquisition Corp., for all outstanding shares of common stock of Chordiant Software (Cupertino, Calif.), paving the way for completion of the intended acquisition announced last month.

The tender offer expired at 12:00 A.M., Wednesday, April 21, 2010, according to a Pegasystems press release. The depositary for the tender offer has advised Pegasystems that, as of the expiration of the tender offer, approximately 24,988,423 shares of Chordiant's common stock were validly tendered and not withdrawn in the tender offer, representing approximately 81.8% of Chordiant's issued and outstanding shares. All validly tendered shares have been accepted for payment in accordance with the terms of the tender offer, the release notes.

Pegasystems intends to complete the acquisition of Chordiant through a short-form merger as soon as possible, and which is currently expected to be completed today, according to the news release. In order to accomplish the short-form merger, Purchaser will exercise a "top-up" option provided pursuant to the merger agreement, dated March 14, 2010, by and among Pegasystems, Maple Leaf Acquisition Corp. and Chordiant, to purchase newly issued shares of Chordiant's common stock in order to acquire total ownership of at least 90% of the outstanding shares of Chordiant's common stock.

"We are pleased with the successful completion of the tender offer and look forward to quickly closing this important transaction," comments Alan Trefler, founder and CEO of Pegasystems. "The broader portfolio of the combined organization will deliver more powerful solutions that today's businesses are looking for to enhance customer experience and drive profitable growth. Pegasystems is committed to continuing our history of innovation and business transformation to better serve the needs of the world's leading organizations."

Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio