Salesforce Completes Tender Offer For Demandware

(RTTNews) - Salesforce (CRM) announced the successful completion of its tender offer for all of the outstanding shares of common stock of Demandware, Inc. at a price of $75.00 per share, net to the seller in cash, without interest thereon and less any required withholding taxes.

The tender offer expired at 12:00 Midnight New York City Time on Friday, July 8, 2016 and was not extended. As of the expiration of the offer, a total of about 24.72 million Demandware shares were validly tendered in the offer and not validly withdrawn, representing about 64.4% of the outstanding common stock of Demandware.

In addition, notices of guaranteed delivery were delivered with respect to approximately 6.19 million shares, representing approximately 16.1% of the outstanding common stock of Demandware. All validly tendered shares have been accepted for payment, which will be made in accordance with the terms of the tender offer.

Salesforce expects to complete the acquisition of Demandware later today through a merger. All remaining shares of Demandware common stock not purchased in the tender offer will be converted into the right to receive the same $75.00 per share, net to the seller in cash, without interest thereon and less any required withholding taxes, which will be paid in the tender offer. Upon completion of the merger, Demandware will become a wholly-owned subsidiary of Salesforce.

As a result of the completed tender offer and pending completion of the merger expected today, Demandware's common stock ceased trading prior to the open of the market on July 11, 2016 and will no longer be listed on the New York Stock Exchange.