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Article Excerpt
SumTotal Stockholders to Receive $4.80 per Share in Cash
MOUNTAIN VIEW, Calif. -- SumTotal[R] Systems, Inc. (NASDAQ: SUMT), the market leader and a global provider of talent development solutions, today announced that it has amended its definitive merger agreement previously announced on April 24, 2009 with affiliates of Accel-KKR, a technology-focused private equity firm.
Under the terms of the amended agreement, the purchase price for each share of SumTotal common stock has been increased from $3.80 to $4.80 in cash. The new purchase price represents a premium of approximately 138.8% over SumTotal's closing share price on April 3, 2009, the last trading day prior to the public announcement of an unsolicited proposal from another party to acquire SumTotal for $3.25 per share in cash, and a premium of approximately 193.9% over SumTotal's average closing share price for the 30 trading days ending on April 3, 2009.
SumTotal's Board of Directors has unanimously approved the amended agreement and recommends that SumTotal stockholders approve the transaction. SumTotal also announced that its Board of Directors no longer deems the proposal received on May 13, 2009 from Vista...
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