Public Tender Offer for Day Software
On July 28, 2010, Day Software Holding AG, Basel, and Adobe Systems Incorporated, San Jose, entered into a transaction agreement in which Adobe undertook to submit a public tender offer for all outstanding shares of Day Software for a price of CHF 139 per share. Day Software agreed to support and recommend the offer. The pre-announcement of the offer was published on July 28, 2010. The transaction, which values Day at CHF 255 million, is subject to customary conditions and is expected to be closed in the fourth quarter of 2010.
Lenz & Staehelin advises Day Software in this transaction. The team includes Hans-Jakob Diem, Tino Gaberthüel, Maja Baumann and Stefan Scherrer (Corporate), Peter Ling (Intellectual Property), Heini Rüdisühli and Nathanael Frischkopf (Tax).