Lawson to be Acquired by GGC and Infor
Lawson Software, Inc. has signed a definitive agreement to be acquired by GGC Software Holdings, Inc., an affiliate of Golden Gate Capital and Infor, in a transaction valued at approximately $2 billion. Under the terms of the merger agreement, stockholders of Lawson will receive $11.25 per share in cash. Lawson’s board of directors unanimously approved the transaction and board members who collectively own approximately 9 percent of Lawson’s outstanding shares have agreed to vote their shares in favor of the transaction.
“After a thorough examination of the strategic alternatives available to the company as well as extensive discussions with Golden Gate and Infor, Lawson’s board unanimously concluded that this transaction is in the best interests of the company and our stockholders,” says Harry Debes, Lawson’s president and chief executive officer. “On behalf of Lawson’s board and management team, I would like to express our deep appreciation to our employees, whose passion and dedication have been key factors in making Lawson the great company it is today. We are also grateful to our customers and partners who have been instrumental in Lawson’s growth and development over the years. We look forward to working closely with the Golden Gate and Infor teams to ensure a smooth transition and complete the transaction as expeditiously as possible.”
“Lawson is a natural strategic partner for Infor, offering complementary software solutions that will extend our existing portfolio, particularly in areas such as healthcare, public sector, manufacturing and human capital management,” says Charles Phillips, chief executive officer of Infor. “Lawson’s and Infor’s respective best-of-class solutions will enable us to expand our commitment to our customers, delivering comprehensive ERP suites. We look forward to working closely with the Lawson team to build upon our distinct core competencies to offer an enhanced product portfolio and customer service experience.”
Lawson will file a preliminary proxy statement with the U.S. Securities and Exchange Commission, which will contain detailed information about the transaction. The preliminary proxy will outline the Lawson board's reasons for approving the merger and its comprehensive review of strategic alternatives.
The transaction is subject to customary closing conditions including the approval of Lawson's stockholders and regulatory approvals. The transaction has fully committed debt financing from Credit Suisse, Bank of America Merrill Lynch, Morgan Stanley, Royal Bank of Canada and Deutsche Bank. The transaction is currently expected to close in the third calendar quarter of 2011.