United States technology giant Adobe Systems has announced moves to buy Basel-based web content firm Day Software.
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The two companies have arranged for Adobe to launch a public tender offer to acquire publicly held shares in a transaction worth around SFr255 million ($240 million). Day’s board of directors has recommended shareholders accept the SFr139 per share offer.
Adobe said buying a leading web content management provider like Day would strengthen its global web presence.
“With the addition of Day to our enterprise portfolio, we will be able to enhance the value of our offering and deliver on our vision of the web as the hub of customer interaction,” said Rob Tarkoff, Adobe’s senior vice president and general manager.
The transaction is subject to government approval and is expected to be complete by the end of 2010.
Day was founded in 1993, employs 146 people and has traded since 2000 on the SIX Swiss stock exchange. Leading global enterprises such as Hyatt, McDonald’s and Newsweek rely on Day for their Web 2.0 content applications and infrastructure needs.
Adobe currently has 8,355 staff around the world and an annual turnover nearing $3 billion.
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