Salesforce.com Closes Tender Offer For ExactTarget's Outstanding Stock

(RTTNews) - Cloud computing solutions provider Salesforce.com (CRM) said it has completed its prior announced tender offer for all outstanding shares of ExactTarget (ET) at a price of $33.75 a share, net to the seller in cash without interest and less any applicable withholding taxes.

The tender offer expired at midnight, New York City Time, at the end of the day on Wednesday, July 10, 2013. As of the expiration of the offer, a total of about 64.24 million ExactTarget shares were validly tendered in the offer and not validly withdrawn, representing nearly 89.7% of ExactTarget's outstanding stock. Furthermore, notices of guaranteed delivery were delivered with respect to some 1.6 million shares, representing some 2.2% of ExactTarget's outstanding shares.

Salesforce.com would buy the rest of outstanding common shares of ExactTarget by means of a merger under Delaware law. To accomplish the merger as a "short-form" merger, salesforce.com now plans to exercise its "top-up" option as per the acquisition deal, which permits salesforce.com to buy additional shares directly from ExactTarget for $33.75 a share.

At the effective time of the merger, ExactTarget would become a subsidiary of salesforce.com, and each outstanding share of ExactTarget would be cancelled and converted into the right to receive the same consideration received by holders who tendered their shares in the tender offer. Thereafter, ExactTarget common stock would stop trading on the NYSE.