CDC Software Corporation, a wholly owned subsidiary and software unit of chinadotcom corporation, a leading integrated enterprise software and mobile applications company in China and internationally, announced that it has submitted a signed, definitive agreement to acquire Pivotal Corporation by way of either an all-cash or a cash-and-stock transaction. Pivotal is a leading international customer relationship management (CRM) company that provides a complete set of highly flexible, powerful CRM applications and implementation services for mid-sized enterprises, with more than 1,600 clients worldwide.
Under the terms of the agreement, CDC Software is offering to acquire all of the outstanding shares of Pivotal under a plan of arrangement that will, subject to certain conditions, permit Pivotal shareholders to elect to receive, for each Pivotal share, either 1) US$2.00 in cash; or 2) US$2.14 comprised of US$1.00 cash plus US$1.14 of common shares of chinadotcom corporation; the value of the share portion of this option will be calculated using the average closing price of the chinadotcom shares on the Nasdaq National Market over the ten trading day period ending two days prior to closing and there are no caps or collars applicable to the calculation.
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