The private equity firm plans to revive fortunes of the company that makes portal and e-business software.
July 26, 2005
Private equity firm Vector Capital said Tuesday it’s buying BroadVision, a struggling company that makes software to help enterprises create portals and e-business infrastructure, for $29 million or a 36 percent discount.
BroadVision, which has faced liquidity issues among other problems, said its stockholders will receive $0.84 per share in cash, a 36 percent discount from Monday’s closing price of $1.32 on the Nasdaq. Shares of Broadvision fell 31 percent to $0.90 in recent trading.
BroadVision President and CEO Dr. Pehong Chen said the offer was the best the company could get in light of its financial woes.
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