Jan 28 Pervasive Software Inc said it
had agreed to be acquired by Actian Corp, after the privately
held big data management company raised its earlier offer by
about 8 percent to $161.9 million.
Actian will offer $9.20 in cash to Pervasive shareholders
for each Pervasive share. The offer price represents a premium
of 2 percent to Pervasive's closing price of $9.05 on Monday on
Actian, headquartered in California, had raised its bid for
Texas-based Pervasive twice. It initially offered $8.50 per
share last August, and increased the price to $9.00 in November.
Pervasive's share price has risen about 12 percent since it
attracted Actian's interest last August. Pervasive's revenue
rose 6 percent in the six months ended December 2012, compared
with the same period a year earlier.
Actian, backed by private equity firm Garnett & Helfrich
Capital, builds apps for big data management through its cloud
development platform. It also owns databases that help analyze
big data faster for customers such as Oxford University, Cathay
Pacific Airways and Lufthansa.
"We believe the two companies' complementary product
portfolios, track record of technological innovation and
well-established customer bases provide a platform for
compelling synergies," Pervasive Chief Executive John Farr said.
Shea & Company, LLC advised Pervasive on the deal, while
Evercore Partners advised Actian on the deal. TC Lending LLC, a
unit of TPG Specialty Lending Inc, committed to provide debt
financing for the transaction, Actian and Pervasive said in
Pervasive said it expected to close the deal in the second
calendar quarter of 2013.