Mergers News

UPDATE 1-Norway's Fast says to restate 2006 accounts

(Adds details, background, share price)

OSLO, Jan 21 (Reuters) - Norwegian search software firm Fast Search & Transfer FASA.OL, which Microsoft MSFT.O has offered to buy for $1.2 billion, said on Monday it would restate its 2006 accounts which may also affect those for 2007.

“The effects of such restatements have not yet been established in detail, and Fast is taking appropriate steps to ensure a quick and proper process,” Fast Search & Transfer said in a statement.

“Restatements of the 2006 accounts may have an effect on the 2007 accounts,” the company said.

Microsoft, the world’s biggest software maker, bid 19 Norwegian crowns per share for Fast on Jan. 9, valuing the fully diluted equity at 6.6 billion crowns ($1.22 billion) and at a 42 percent premium to the previous closing share price.

Fast is the second largest provider of enterprise search software which lets companies comb internal corporate documents, data and other information, a growing market also targeted by Google GOOG.O.

Fast's shares opened off 0.5 percent at 18.50 crowns, holding up better than the Oslo bourse benchmark index .OSEBX which was down 2.2 percent.

Reporting by John Acher; editing by Rory Channing