STOCKHOLM (04/06/2000) - Electronic business software vendor Peregrine Systems Inc. and business-to-business e-commerce software provider Harbinger Corp. late yesterday announced a definitive agreement to merge in an all-stock deal valued at US$2.1 billion.
Under the terms of the agreement, Peregrine Systems will purchase all of Harbinger's outstanding stock and stock options. Harbinger shareholders will be offered 0.75 shares of Peregrine stock for each share of Harbinger common stock, the companies said in a joint statement. The $2.1 billion value of the transaction is based on yesterday's closing price of Peregrine's shares.
The agreement has been approved by the boards of directors of both companies, but is still subject to approval by their respective shareholders as well as regulatory approvals and other customary closing conditions, according to the statement.
By joining forces, Peregrine and Harbinger said they aim to become the industry's largest provider of e-business software and systems.
The combined company boasts some 44,000 customers and a network of electronic marketplaces that process more than 1 million transactions per day, Peregrine and Harbinger said.
Peregrine Systems, in San Diego, California, can be reached at +1-858-481-5000, or via the Web at http://www.peregrine.com/. Harbinger, in Atlanta, is at +1-404-467-3000, or at http://www.harbinger.com/.