Micro Focus International plc is close to securing a takeover of Borland Software Corp, after it confirmed a rival bidder for the software tools company had withdrawn from the acquisition process.
After he had raised the cash offer for Borland to $88 million Stephen Kelly, CEO of Micro Focus said, “Both companies are fully focused on completing the transaction which we believe is based on strong strategic rationale.”
The terms of the revised offer have been unanimously approved by the board of directors of both Micro Focus and Borland.
Micro Focus is said to have been pursuing Borland for almost two years.
The UK-based company last made a move on Borland at the same time it bought Compuware’s line of testing software tools in May, when it had offered about $75 million.
Borland has around 900 employees and produces revenues of about $170 million. Its main line is the provision of application lifecycle management software, which sit nicely alongside the application modernisation and software testing toolsets of Micro Focus.
