Software AG today announced that it has registered the domination and profit transfer agreement between SAG Beteiligungs GmbH and IDS Scheer on the commercial register at the Saarbrucken District Court. The agreement was registered on February 11th, 2010 and is therefore now legally valid. As a result of the registration, the integration of the operational processes of both companies will begin immediately. As of February 15th, the two companies will be under common leadership and the expected cost synergies can now be realized. This will support Software AG's projected revenue and earnings growth for fiscal year 2010.
The agreement was approved at an extraordinary general meeting of IDS Scheer AG on January 8th, 2010. No objections were filed by February 8th, 2010, allowing the agreement to be filed on the commercial register. Currently, the Software AG Group holds more than 91 percent of the equity shares of IDS Scheer AG. The remaining minority shareholders now have the right to compensation of €15.10 per share as stated in the agreement. The cash settlement offer will be published shortly. IDS Scheer shareholders will be addressed by their custodians and informed about the offer and settlement procedures.
Independently of this action, Software AG intends to complete the takeover of IDS Scheer AG through a merger. As part of this merger process, the remaining minority shareholders will receive Software AG shares in exchange for their shares if IDS Scheer. For this reason, Software AG is currently buying back up to 400,000 of its own shares on the open market. Software AG expects that the full acquisition will be completed by the end of this year.
The agreement was approved at an extraordinary general meeting of IDS Scheer AG on January 8th, 2010. No objections were filed by February 8th, 2010, allowing the agreement to be filed on the commercial register. Currently, the Software AG Group holds more than 91 percent of the equity shares of IDS Scheer AG. The remaining minority shareholders now have the right to compensation of €15.10 per share as stated in the agreement. The cash settlement offer will be published shortly. IDS Scheer shareholders will be addressed by their custodians and informed about the offer and settlement procedures.
Independently of this action, Software AG intends to complete the takeover of IDS Scheer AG through a merger. As part of this merger process, the remaining minority shareholders will receive Software AG shares in exchange for their shares if IDS Scheer. For this reason, Software AG is currently buying back up to 400,000 of its own shares on the open market. Software AG expects that the full acquisition will be completed by the end of this year.
