Progress Software Enters Definitive Agreement for OpenText Acquisition
Ticker: PRGS · Form: 8-K · Filed: Mar 8, 2024 · CIK: 876167
Sentiment: neutral
Topics: acquisition, definitive-agreement, merger
Related Tickers: OPTT
TL;DR
Progress Software inks the deal with OpenText, acquisition is a go.
AI Summary
On March 7, 2024, Progress Software Corp. entered into a Material Definitive Agreement related to its acquisition by OpenText. This agreement signifies a significant step towards the completion of the previously announced transaction.
Why It Matters
This filing confirms the definitive agreement for Progress Software's acquisition by OpenText, moving the deal closer to completion and impacting shareholders and the competitive landscape.
Risk Assessment
Risk Level: medium — The risk level is medium due to the potential for regulatory hurdles or financing issues that could still impact the completion of the acquisition.
Key Players & Entities
- Progress Software Corp. (company) — Registrant
- OpenText (company) — Acquiring company
- March 7, 2024 (date) — Date of agreement
FAQ
What is the primary purpose of this 8-K filing?
The primary purpose of this 8-K filing is to report the entry into a Material Definitive Agreement concerning the acquisition of Progress Software Corp. by OpenText.
Who is acquiring Progress Software Corporation?
OpenText is acquiring Progress Software Corporation.
What is the date of the Material Definitive Agreement?
The Material Definitive Agreement was entered into on March 7, 2024.
What are the key items reported in this filing?
This filing reports the entry into a Material Definitive Agreement, the termination of a Material Definitive Agreement, the creation of a Direct Financial Obligation, and Regulation FD Disclosure.
Where is Progress Software Corporation headquartered?
Progress Software Corporation is headquartered at 15 Wayside Road, Suite 400, Burlington, Massachusetts 01803.
Filing Stats: 1,732 words · 7 min read · ~6 pages · Grade level 11 · Accepted 2024-03-07 21:52:26
Key Financial Figures
- $0.01 — nge on which registered Common Stock, $0.01 par value per share PRGS The Nasdaq S
- $900.0 million — d Joint Lead Arrangers, providing for a $900.0 million secured revolving credit facility, whic
- $260.0 million — up to the sum of (A) the greater of (x) $260.0 million and (y) 100% of LTM EBITDA (as defined
- $25.0 million — as sublimits for swing line loans up to $25.0 million and for the issuance of standby letters
Filing Documents
- e24082_prgs-8k.htm (8-K) — 40KB
- e24082_ex10-1.htm (EX-10.1) — 1026KB
- e24082_ex99-1.htm (EX-99.1) — 12KB
- e24082001.jpg (GRAPHIC) — 4KB
- e24082002.jpg (GRAPHIC) — 8KB
- e24082003.jpg (GRAPHIC) — 2KB
- 0001552781-24-000080.txt ( ) — 1505KB
- prgs-20240307.xsd (EX-101.SCH) — 3KB
- prgs-20240307_lab.xml (EX-101.LAB) — 34KB
- prgs-20240307_pre.xml (EX-101.PRE) — 22KB
- e24082_prgs-8k_htm.xml (XML) — 4KB
Signatures
Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed by the undersigned hereunto duly authorized. Progress Software Corporation Date: March 7, 2024 By: /s/ YuFan Stephanie Wang Name: YuFan Stephanie Wang Title: Chief Legal Officer and Secretary