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Bids, Mergers and Takeovers

Micro Focus merges with HPE Software

01 September 2017 08:35

Micro Focus International has completed the merger of its wholly owned subsidiary with Seattle SpinCo, which holds the software business segment (HPE Software) of Hewlett Packard Enterprise.

On admission, American Depositary Shares representing 222,166,897 consideration shares were issued to HPE shareholders, representing 50.1% of the fully diluted share capital of the company.

Micro Focus has completed the return of value to shareholders of approximately £386,130,203, in cash, by way of the B Share Scheme.

It is intended that cheques will be dispatched or CREST accounts credited (as appropriate) in respect of the proceeds of the redemption of the B Shares by 15 September 2017.

Chris Hsu, who was executive vice president and general manager of HPE Software as well as chief operating officer at HPE, has become chief executive officer of Micro Focus and an executive director of Micro Focus with effect from completion.

Stephen Murdoch (the former chief executive officer of Micro Focus) has stepped down from the board and has become the chief operating officer of Micro Focus.

Kevin Loosemore, executive chairman of Micro Focus, said: "The combination of Micro Focus and HPE Software represents a step change in Micro Focus' scale. The enlarged company's customer proposition draws on a rich heritage of technology innovation, global resources and a highly skilled workforce - all of which can now benefit from our effective business model.

"We are ideally placed to support customers and partners as they demand relevance and value from their established investments in technology. At the same time, this corporate development is wholly aligned with Micro Focus' commitment to deliver sustainable 15-20% annual shareholder returns, offering significant opportunities to deliver further value from the combined operations."

At 8:35am: (LON:MCRO) Micro Focus International PLC share price was -1.5p at 2271.5p

Story provided by StockMarketWire.com

Related Company: MCRO

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