Monday, 20 July 2009

Micro Focus hopes to settle Borland deal this week

(By Philip Carnelley, Mon 20 Jul 2009, 8.50) Micro Focus and Borland both hold shareholder meetings this week to vote on the proposed takeover. Micro Focus issued a note today to say that there has been a ‘class action’ taken against the two companies by opportunists (our word, not theirs), alleging that an unfair process had been followed. It seems those litigants have made a quick buck, which was probably their aim. Rather than let the issue drag on, the parties have settled out of court, for an amount Micro Focus says is “not material.” Sensible move, we're sure. The two companies will now be hoping for a smooth run and quick end to the saga.

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