Software AG will designate 11 representatives to serve on webMethods' board of directors, giving Software AG majority board representation. webMethods' current board members will remain on the webMethods board until the merger between the companies is completed.
Speaking on the acquisition, Mr. Mohammed Al Fardan, Managing Director - Middle East and North Africa, Software AG Middle East, said,
"We are pleased that Software AG and webMethods are one company now. This will mean that we can provide our Middle East customers with all that they need to put them on the SOA map. Software AG can now boast of a strong industry-leading Service-Oriented Architecture (SOA) and Business Process Management (BPM) product portfolio and we can now offer our customers in the Middle East a wider choice in world-class SOA solutions."
Software AG also commenced a three business day subsequent offering period for all remaining webMethods shares. During the subsequent offering period, webMethods shares were accepted for payment as they were tendered at the same offer price paid during the initial offer period of $9.15 per share in cash. The subsequent offering period expired at 12:00 midnight, New York City time, on Thursday, May 31, 2007.
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Posted by Anne-Birte Stensgaard, Senior News Editor
