Sage has performed a coup de grace by snatching software developer Tetra from the clutches of rival Lynx in a #78 million recommended bid. The UK accountancy software specialist has offered a cash and shares deal that values each Tetra share at 305p. Tetra shares initially leapt 42p to 286p, while Sage shares fell 37.5p to 1,980p.
Paul Walker, chief executive of Sage, said the Tetra name and its CS/3 finance, distribution and manufacturing software would satisfy its growing medium-sized customer base, as well as its top resellers, that had been demanding a mid-market product.
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