October 17, 2007
Cognos takes control of Applix
By Matthew L. Brown
Canadian financial planning and management firm Cognos Inc. now has control of Westborough-based Applix Inc.
Applix stockholders have sold a total of 87 percent of company issued and outstanding common stock to Cognos, which is buying Applix for $399 million. Cognos has designated four representatives to sit on the Applix board of directors. The new board members replace four who have resigned, and give Cognos a majority on the Applix board. Two remaining Applix board members will be replaced when the companies' merger is complete.
The merger was announced in early September, and will be closed when Cognos receives a total of 90 percent of Applix common stock. Applix stockholders are being paid $17.87 per share in the buyout. The comany's stock was trading at $17.85 per share this morning.
Applix stockholders have sold a total of 87 percent of company issued and outstanding common stock to Cognos, which is buying Applix for $399 million. Cognos has designated four representatives to sit on the Applix board of directors. The new board members replace four who have resigned, and give Cognos a majority on the Applix board. Two remaining Applix board members will be replaced when the companies' merger is complete.
The merger was announced in early September, and will be closed when Cognos receives a total of 90 percent of Applix common stock. Applix stockholders are being paid $17.87 per share in the buyout. The comany's stock was trading at $17.85 per share this morning.
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