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SunGard to Acquire GL Trade
GENEVA and PARIS -- SunGard (http://www.sungard.com) and GL TRADE today announced SunGards intention to acquire a majority stake in GL TRADE, a global financial software solutions company serving more than 1,600 customers.
SunGard has made a binding offer and entered into final discussions with GL TRADEs main shareholders Euronext Paris S.A., Gagnières, and Messrs. Pierre Gatignol, Louis-Christophe Laurent and Frédéric Morin (together the Main Shareholders) to acquire a block of shares representing, directly and indirectly, 64.51% of GL TRADEs share capital at a price of 41.70 per GL TRADE share. The price offered implies an equity value of 400.7 million for 100% of GL TRADEs share capital (excluding the effect of stock options), and represents premiums of 53% and 24% to GL TRADEs closing stock price on May 5, 2008 (last closing prior to rumors of a potential transaction, adjusted for the 1.30 dividend distribution on July 11, 2008) and July 31, 2008, respectively.
SunGard's offer is structured as the acquisition of (i) 100% of Financière Montmartre S.A., a holding company 100%-owned by the Main Shareholders which holds 5,299,998 shares of GL TRADE, and (ii) 900,032 shares of GL TRADE directly held by the Main Shareholders.
GL TRADE will launch the information and consultation process of GL TRADEs workers committee in relation to SunGard's proposal pursuant to Article L. 2323-19 of the French Labor code. The Main Shareholders, should they accept SunGards offer, would execute the transaction documentation after completion of that process. The transaction would also be subject to clearance by the relevant competition authorities. Closing is expected during the fourth quarter of the year.
In accordance with the AMF General Regulation (règlement général de lAMF) and immediately following completion of the transaction, SunGard intends to launch an all-cash tender offer under the simplified procedure (offre publique dachat, procédure simplifiée) for the remainder of GL TRADEs share capital at the same price of 41.70 per GL TRADE share. SunGard has arranged financing for the transaction.
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