Micro Focus outbid by unnamed rival
A mood change at Micro Focus International plc, after the good news yesterday that latest results indicate strong revenue growth and record profits, with disappointment today that a rival and as yet unnamed bidder has re-emerged to challenge its proposed takeover of Borland Software Corp.
Last week the company had confirmed that its increased cash offer for Borland of around $90 million had been unanimously approved by the board of directors of both Micro Focus and Borland.
Overnight a rival bidder has seemingly come back to the table with an improved offer, which stands at $1.25 for each share of Borland, better than the $1.15 per share the boards of both Borland and Micro Focus have already agreed to.
The bidder is one of several unnamed interested parties, but US media reports suggest that other than venture capital companies the latest interest could stem from Embarcadero Technologies, the privately held database and software developer tools supplier.
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