Adobe Systems Incorporated
has announced a definitive agreement to acquire
Macromediain an all-stock transaction valued at approximately $3.4 billion.
"Customers are calling for integrated software solutions that enable them to create, manage and deliver a wide range of compelling content and applications - from documents and images to audio and video," said Bruce Chizen, CEO of Adobe.
He added: "By combining our powerful development, authoring and collaboration software - along with the complementary functionality of PDF and Flash - Adobe has the opportunity to bring this vision to life."
Under the terms of the agreement, which has been approved by both boards of directors, Macromedia stockholders will receive, at a fixed exchange ratio, 0.69 shares of Adobe common stock for every share of Macromedia common stock in a tax-free exchange.
Based on Adobe's and Macromedia's closing prices on Friday, April 15, 2005, this represents a price of $41.86 per share of Macromedia common stock. On the close of the transaction, Macromedia stockholders will own approximately 18 percent of the combined company on a pro forma basis.
The acquisition, which is expected to close in the autumn, is subject to customary closing conditions, including approval by the stockholders of both companies and regulatory approvals.
Oxa launches autonomous Ford E-Transit for van and minibus modes
I'd like to know where these are operating in the UK. The report is notably light on this. I wonder why?