Salesforce.com (CRM) said Wednesday it has commenced the previously-announced tender offer for all of the outstanding shares of common stock of ExactTarget (ET) at a price of $33.75 per share in cash, net to seller in cash without interest and less any applicable withholding taxes.
The tender offer is being made pursuant to the acquisition agreement dated as of June 3 that was unanimously approved by the Boards of both companies.
The tender offer is scheduled to expire on July 10, unless extended or earlier terminated, in each case pursuant to the terms of the acquisition agreement.
Following the successful completion of the tender offer and the satisfaction or waiver of all conditions set forth in the acquisition agreement, salesforce.com intends to merge a wholly-owned subsidiary with and into ExactTarget, with ExactTarget surviving.
After the merger, ExactTarget stockholders, other than stockholders who have properly and validly exercised their statutory rights of appraisal under Delaware law, will be entitled to receive an amount in cash equal to $33.75 per share of ExactTarget common stock net to the stockholder in cash without interest and less any applicable withholding taxes.
The transaction is subject to customary closing conditions, as well as the valid tender of more than fifty percent of the outstanding shares of ExactTarget common stock.
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