Deltek (Nasdaq: PROJ) announced a tender offer for 100% of the stock of Maconomy A/S (Nasdaq OMX: MACO). The offer is for DKK 20.50 (approximately USD $3.39) for each Maconomy share.
In response, Maconomy’s Board of Directors unanimously approved the tender offer and recommended to Maconomy’s shareholders that they tender their shares.
According to Deltek, “members of Maconomy’s Board of Directors and Executive Group and Maconomy’s two largest shareholders (combined representing approximately 40% of the outstanding share capital) have agreed to tender their shares to Deltek. The tender offer is expected to close in early July and will be funded with Deltek’s existing cash on hand.”
“We are very excited to combine Maconomy’s industry-leading capabilities and domain expertise with Deltek, and we are committed to investing in both the Maconomy and Deltek product suites to provide maximum value and flexibility to our customers, ” said Kevin Parker, Deltek’s president and CEO. “There are obvious strategic opportunities from this combination, and Maconomy’s innovative software solutions and geographic reach perfectly complement Deltek’s existing offerings for professional services firms. By merging the two organizations together, we will accelerate growth internationally, penetrate new markets around the world, and deliver new, innovative functionality to our customers.”