Borland Acquired By Micro Focus For $75M

Austin-based software applications developer Borland Software announced Wednesday that it has agreed to be acquired by Micro Focus International PLC for a total of $75 million in cash. Borland explained that, per a definitive agreement, Micro Focus will pay $1 per outstanding share of Borland common stock--a 25 percent premium over the May 5 closing share price for Borland's stock. Borland noted that both companies' boards of directors have unanimously approved the transaction, which is expected to close later this quarter or early third quarter. The deal still must gain shareholder approval from both companies and satisfy antitrust and other customary closing conditions, Borland added. With its U.S. headquarters in Rockville, Md., Micro Focus publishes application modernization and management software.