Diary of a compary under threat of aquisition..
Wednesday, October 8th: Venture firm bids to purchase company. No previous talk of aquisition known to have appeared previously. Under plan, Pivotal will be merged with Talisma, another similar software vendor. Pivotal will be purchased for $1.78 cash per share.
Tuesday, October 14th: Agreement finalized. Pivotal schedules quarter end conference call in totally unrelated news.
Wednesday, October 22nd: November 18th announced as date for general shareholders meeting to approve the transaction.
Thursday, October 23rd: in totally unrelated news, Pivotal announces quarter end results. Net loss under generally accepted accounting principles (“GAAP”) for the quarter were $3.0 million or $0.11 per share.
Read on in the comments.
Wednesday, November 12th: Onyx Software Corporation, Pivotal’s primary competitor, announces unsolicited bid to purchase Pivotal Software Corporation for $2.14 per share in Onyx stock.
Friday, November 14th: Pivotal Board of Directors rejects Onyx offer, Oak offer still considered to have ‘superior value.’
Monday, November 17th: Pivotal Shareholder’s meeting to vote on aquisition delayed to Friday, November 21st.
Tuesday, November 18th: CDC Software, a wholly owned subsidiary and software unit of chinadotcom corporation, announces unsolicited bid to purchase Pivotal Software Corporation for either US$2.00 in cash or US$2.14 in cash and shares (US$1.00 in cash and US$1.14 in chinadotcom shares), per Pivotal share.
Tuesday, November 18th: Pivotal rejects CDC bid, says bid is ‘too loaded with conditions.’
Wednesday, November 19: CDC reiterates bid to purchase Pivotal Corporation.
Thursday, November 20th, CDC holds conference call to answer question regarding their bid to purchase Pivotal Corporation.
Thursday, November 20th: Pivotal board reiterates objections to CDC bid. Says they are ‘discouraged by CDC’s statement on Thursday that the closing of a transaction would take place in “the early part of 2004″.’
Friday, November 21st: CDC statement released claiming to provide more security for Pivotal.
Friday, November 21st: Onyx reiterates that its bid is still open, a $2.14 of Onyx stock per share of Pivotal.
Friday, November 21st: Pivotal delays shareholder vote, scheduled for the day, until Wednesday, December 3rd.
Monday, December 1st: Pivotal acknowledges receipt of definitive offer from CDC Software.
Monday, December 1st: Pivotal announces CDC offer to be ‘superior’ to Oak proposition.
Wednesday, December 3rd: Onyx Software withdraws bid to purchase Pivotal.
Wednesday, December 3rd: Pivotal delays shareholder vote, scheduled for the day, until Monday, December 8th.
Thursday, December 4th: Oak investments states they will not match CDC software offer.
Is this the end? Stay tuned. I know SlantyK and I will since this is our jobs we’re talkin’ bout.
5 comments Thursday 04 Dec 2003 | SlantyOD | SlantyNet - General
Errrr, so what happens to you guys if CDC buys you?
Got me =)
I think I might still own Pivotal stock…
Monday, December 8th: Chinadotcom Corp’s bid a go!
Yeah, but the shareholder’s vote isn’t until the end of February. I’m not saying this deal won’t go through, but the Oak deal was a go at one point as well.