A testy bidding war between two buyout firms for SumTotal Systems, a Mountain View-based enterprise software company, ended Wednesday with Vista Equity Partners agreeing to pay a steep premium to buy the company for $160 million.
Less than two months after Vista opened bidding with an offer of $3.25 a share, SumTotal's board of directors announced Wednesday it had accepted Vista's latest offer of $4.85 a share.
In finalizing the deal, SumTotal agreed to pay a $6.67 million termination fee to Vista rival Accel-KKR, which had previously come to terms on a deal.
SumTotal makes "talent development solutions" and claims more than 1,500 business, governmental and nonprofit customers. Its stock price, which plummeted as the recession worsened, had been hovering near at $5 as recently as Sept. 12.
Friday, May 29, 2009
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