CorVu Enters into Definitive Merger Agreement with Rocket Software, Inc.
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CorVu to be Acquired for $0.40 Per Share of Common Stock
MINNEAPOLIS, March 5 -- CorVu® Corporation (BULLETIN BOARD: CRVU) , an innovative provider of Business Intelligence and Performance Management software solutions, announced today that it has entered into a definitive agreement with Rocket Software, Inc. and a wholly- owned subsidiary of Rocket Software, Inc. under which CorVu will be acquired in an all cash merger transaction.
Under the terms of the merger agreement, the holders of CorVu common stock will receive $0.40 in cash for each share of CorVu common stock they hold. This price per share represents an approximate premium of 43% to CorVu's closing share price on March 2, 2007. Each share of CorVu's Series B Convertible Preferred Stock ("Preferred Stock"), which is not registered and therefore, not publicly traded, will convert into the right to receive an amount equal to the sum of $1.00 PLUS the amount obtained by dividing the per share merger consideration payable per share of Common Stock (i.e. $0.40) by 0.3 (carried out to five decimal places). A special committee of disinterested members of the CorVu board of directors unanimously approved the definitive merger agreement and, subject to their fiduciary responsibilities, will recommend in CorVu's proxy statement that CorVu shareholders vote in favor of the transaction. The transaction requires the approval of the holders of the majority of CorVu's Common Stock and of the Preferred Stock (on an as-converted basis) voting as one class and separately, the approval of the holders of the majority of the Preferred Stock. In addition, the transaction is subject to customary government approvals and the satisfaction of certain closing conditions. Based upon the time needed to satisfy these conditions, the transaction is expected to close within 60 to 90 days.
About CorVu Corporation
A pioneer in Balanced Scorecard software and reporting dashboards, CorVu has been a leader in automating business performance management practices for more than 10 years. CorVu's innovative software uniquely combines performance metrics, initiatives, budgeting and planning, risk management, and reporting in a single application. The CorVu solutions are purpose-built applications that are easy to use, scalable, and rapidly deployable. For more information about CorVu, please visit www.corvu.com
About Rocket Software, Inc.
Rocket Software is a global software development firm that builds Enterprise Infrastructure products for the world's leading OEMs, networks and software companies. The company's current lines of business complement and extend strategic OEM offerings in the areas of business intelligence, enterprise and mobile security, relational databases, mobile and wireless computing, and operational support systems (OSS). Rocket's current OEM relationships and technology partners include IBM, EMC, HP, RSA Security, Microsoft, Nortel, and Motorola. Rocket Software is based in Newton, Massachusetts. For more information, visit www.rocketsoftware.com
Source: CorVu Corporation
CONTACT:
Julie Godfrey,
CorVu Corporation,
+1-952-843-7707,
Julie.godfrey@corvu.com
Web site: www.corvu.com/
