COMPUTER ASSOCIATES TENDER OFFER FOR LEGENT CLOSES WITH MORE THAN 90 PERCENT ACCEPTANCE.ISLANDIA, N.Y.--(BUSINESS WIRE)--August 1, 1995--Computer Associates International, Inc. (NYSE NYSE See: New York Stock Exchange Symbol: CA) today announced the expiration of the tender offer by its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , VR126, Inc., for all of the outstanding shares of Legent Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on Symbol: LGNT LGNT Lignite (lithological term) LGNT Local Grant ) common stock at a price of $47.95 per share in cash. The offer expired at 12:00 Midnight, New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. time, on Monday, July 31, 1995, and all shares validly tendered (and not properly withdrawn) prior to such expiration have been accepted for payment and will be paid for promptly. IBJ IBJ Industrial Bank of Japan, Ltd. IBJ Illinois Business Journal IBJ International Brotherhood of Jones Schroder Bank & Trust Company, as Depositary, has advised that approximately 38,484,520 shares were tendered in the offer prior to its expiration, which constitute approximately 91 percent of the total number of outstanding shares of common stock of Legent on a fully diluted basis. Computer Associates is replacing its existing $500 million Credit Agreement with a new $2 billion Credit Agreement with a group of banks headed by Credit Suisse. Computer Associates will obtain all funds needed to pay for the shares of Legent accepted for payment in the tender offer from its general corporate funds and by borrowing under the Credit Agreement. The pending merger of Legent and VR126, Inc. will become effective as soon as practicable after the satisfaction of the conditions set forth in, and subject to the terms of, the Agreement and Plan of Merger among Legent, VR126, Inc. and Computer Associates, but in no event earlier than November 6, 1995. Once the pending merger becomes effective, Legent will become a wholly owned subsidiary of Computer Associates. The purchase price and associated charges will be allocated among the identifiable tangible and intangible assets of Legent based on their fair market value at the acquisition date under the purchase method of accounting for business combinations. The costs of purchased research and development for that portion of the acquired technology that has not reached the working model stage and has no alternative future use will be written off against Computer Associates earnings in its second quarter ending September 30, 1995. As previously announced, the after tax charge against earnings is initially projected to be approximately $800 million, or approximately $5.00 per share. CONTACT: Computer Associates Douglas Robinson - Investor Relations Investor relations The process by which the corporation communicates with its investors. , (516) 342-2745 |
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