The merger of ALM software maker Borland and Micro Focus took a giant step toward completion today as Borland's shareholders overwhelming approved the US$113 million deal. Approximately 99% of the voting shares—65% of all oustanding shares—voted in favor of the merger proposal, according to a Borland spokesperson.
Micro Focus, best known for its mainframe application and data modernization software, made a final bid of $1.50 per share in an apparently successful move to close out an unnamed third party also interested in acquiring Borland. Two days ago, Borland settled a lawsuit brought by two shareholders who claimed Borland's board acted in an unfair manner in accepting the Micro Focus offer. The board claimed it settled the suit to avoid costly litigation or interference with the transaction, while stating the lawsuit was without merit.
Micro Focus shareholders are to vote on the deal on Friday.