Enterprise software company Lawson Software has entered into an agreement to be acquired by GGC Software Holdings, an affiliate of Infor and Golden Gate Capital, in a deal valued at roughly $2 billion. According to a news release, Lawson stockholders will receive $11.25 per share in cash.
GGC Software Holdings to acquire Lawson Software
The announcement comes six weeks after Lawson officials said in another news release that they had begun evaluating a proposal from Alpharetta, Ga.-based Infor and private-equity firm Golden Gate Capital, San Francisco.
Lawson's healthcare unit serves more than 1,400 customers, according to the company's website, including hospitals and health systems, health information technology vendors, physician practices, managed-care payers, nonacute and long-term-care providers and health information exchanges. Lawson's healthcare clients include 21-hospital Banner Health of Phoenix and 337-bed Central DuPage Hospital of Winfield, Ill.
"During its evaluation, Lawson conducted a comprehensive market assessment and contacted other potential acquirers including competing global providers of enterprise applications and financial buyers, a process that did not result in a superior proposal," according to Tuesday's release. "Following a thorough review and analysis of the strategic alternatives available to the company, Lawson's board determined that this merger transaction is in the best interests of stockholders."
The per-share price represents a premium of 14% over Lawson's closing share price on March 7.
Infor CEO Charles Phillips said in the release that Lawson's software offerings were complementary to Infor's, particularly in the healthcare, manufacturing and human capital-management sectors.
The transaction is expected to close in the third quarter of 2011.
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