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JDA Software completes acquisition of i2 Technologies
01 Feb '10
4 min read
As part of the acquisition, former i2 executives Aditya Srivastava and Kelly Thomas will join JDA's executive and senior management team. Srivastava is the combined company's Senior Vice President and Chief Technology Officer and Thomas is Senior Vice President, Manufacturing. JDA also promoted Namita Dhallan to Chief Product Officer and Salil Joshi to Regional Vice President of JDA's Center of Excellence in India.
Financial Terms of the Acquisition
Under the terms of the merger agreement, each issued and outstanding share of i2's common stock was converted into the right to receive $12.70 per share in cash and 0.2562 shares of JDA common stock with a combined value equal to $19.79 per share (“common stock merger consideration”) based on JDA's closing stock price on Jan. 27, 2010. Each issued and outstanding share of i2's Series B Convertible Preferred Stock was converted into the right to receive $1,101.92 per share in cash, which includes accrued and unpaid dividends through the closing date. In addition, the vesting of all outstanding i2 stock options and substantially all restricted stock units was accelerated and the holders of such equity awards were entitled to receive the common stock merger consideration less any exercise price of such equity awards.
JDA used the proceeds from its previously issued $275 million senior notes offering and a portion of the companies' combined cash balances at closing to fund the cash obligations under the merger agreement and related transaction expenses.
Goldman Sachs acted as exclusive financial advisor to JDA and DLA Piper US LLP acted as JDA's legal counsel. Thomas Weisel Partners acted as exclusive financial advisor to i2 and Munsch Hardt Kopf & Harr, P.C. acted as i2's legal counsel.
Financial Terms of the Acquisition
Under the terms of the merger agreement, each issued and outstanding share of i2's common stock was converted into the right to receive $12.70 per share in cash and 0.2562 shares of JDA common stock with a combined value equal to $19.79 per share (“common stock merger consideration”) based on JDA's closing stock price on Jan. 27, 2010. Each issued and outstanding share of i2's Series B Convertible Preferred Stock was converted into the right to receive $1,101.92 per share in cash, which includes accrued and unpaid dividends through the closing date. In addition, the vesting of all outstanding i2 stock options and substantially all restricted stock units was accelerated and the holders of such equity awards were entitled to receive the common stock merger consideration less any exercise price of such equity awards.
JDA used the proceeds from its previously issued $275 million senior notes offering and a portion of the companies' combined cash balances at closing to fund the cash obligations under the merger agreement and related transaction expenses.
Goldman Sachs acted as exclusive financial advisor to JDA and DLA Piper US LLP acted as JDA's legal counsel. Thomas Weisel Partners acted as exclusive financial advisor to i2 and Munsch Hardt Kopf & Harr, P.C. acted as i2's legal counsel.
JDA Software Group Inc
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