HP delays Mercury acquisition for third time
By
Shaun Nichols
18 October 2006 08:52AM
Tags:
hp | delays | mercury | acquisition | third
Shareholder approval deadline extended to 27 October.
HP has again extended the deadline for shareholder approval of its purchase of software firm Mercury.
The deadline for approval of the US$4.5 billion deal will be pushed back to midnight, eastern time, on 27 October.
HP said that it extended the deadline as it is awaiting approval of the acquisition by anti-trust authorities. The fims stressed that it is on schedule to close the transaction by the end of this year.
HP has been tendered over 81.5 million shares of Mercury stock, more than 91 percent of the company's outstanding shares. According to a Securities and Exchange Commission filing, the stock was valued at US$52 per share by HP.
The announcement marks the third time that HP has extended the deadline on the acquisition since it was first proposed in July.
HP purchased Mercury after the management software firm got caught in a stock option back dating scandal that forced its chief executive to step down earlier this year.
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