Corporate security firm Sophos said Monday in the US it had offered US$340 million to buy Utimaco Safeware, a German software specialist in the field of data loss and encryption.
Sophos said it planned to launch a takeover bid for the company, offering US$23.11 for all outstanding Utimaco shares, or a 92 per cent premium on the company's latest closing price. To that end, the company also said it entered into an agreement with Investcorp Technology Partners, the largest shareholder of Utimaco, to acquire its 24.99 per cent stake in Utimaco for cash and stock.
Steve Munford, Sophos CEO, characterised the deal as a "friendly takeover". "Utimaco will be the cornerstone of our data protection strategy," Munford said.
Utimaco is listed on the Frankfurt Stock Exchange. Sophos expects the deal to close in October, and the companies to be fully integrated by the first quarter of 2009. Utimaco will operate as a division of Sophos.
CNET News' Dawn Kawamoto contributed to this report.
