Progress Software May Acquire MariaDB For $0.60/Share In Cash

(RTTNews) - Progress Software Corp. (PRGS), Friday announced a possible offer to acquire shares of cloud database company MariaDB for $0.60 per share in cash, valuing the entire issued capital at around $40.6 million.

Additionally, the offer includes a premium of 9 percent to the possible offer made by K1 Capital, 88 percent to MariaDB's last 30 days average closing share price, and 216 percent to MariaDB's closing share price on February 5.

The announcement comes as Progress believes that MariaDB's relational database management product will be helpful for its customers, as well as financially beneficial for a long-term, the company stated.

However, the acceptance of the offer is subject to certain preconditions.

Currently, Progress's stock is trading at $50.42, up 0.46 percent on the Nasdaq.