Phoenix Technologies Ltd. (PTEC) said it has agreed to be acquired by Marlin Equity Partners for $3.85 per share in cash, or about $139 million in total consideration.
The purchase price represents a premium of approximately 27% over Phoenix's closing share price of $3.02 on August 17, 2010, the last trading day prior to the public announcement of Marlin's proposal to acquire Phoenix for $3.85 per share in cash.
The transaction is subject to customary closing conditions, including the approval of Phoenix's stockholders. There is no financing condition to the transaction.
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