Tags: actian | offers | pervasive | software

Actian Offers $139 Million for Pervasive Software

Monday, 13 Aug 2012 09:15 AM

Big data management company Actian Corp has gone public with a $139 million bid to buy Pervasive Software Inc, which makes software to manage large amounts of data.

Privately held Actian said it had offered $8.50 per share, a 29.7 percent premium to Pervasive's Friday closing price of $6.55. Pervasive's shares were lagging the offer, trading at $7.85 premarket on Monday.

"Given Pervasive's repeated refusal to engage with us regarding our proposal... we are left with no other choice but to make our proposal public," Actian Chief Executive Steve Shine wrote in a letter to Pervasive CEO John Farr and Pervasive's board.

"We believe that Pervasive's stockholders are entitled to know about and evaluate for themselves the merits of our proposal."

Actian, formerly Ingres Corp, said it expected to finance the planned purchase through a combination of cash and debt, and said it was in discussion with a number of lenders.

Actian's cloud development platform builds apps for big data management and it maintains data management databases.

Evercore Partners is acting as Actian's financial advisor for the deal.

The offer values Pervasive at about $139 million in cash based on shares outstanding, according to Thomson Reuters data.

© 2015 Thomson/Reuters. All rights reserved.

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2012-15-13
 

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