Vitria to sell to CEO, board member for about $67M - Silicon Valley / San Jose Business Journal:

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Sunnyvale-based Vitria (NASDAQ:VITR), a provider of business process integration said it reached a definitive merger agreement for Vitria Technologg to be acquired by a new corporatiob formed and wholly owned byJoMei Chang, a member of the company'se board of directors, and Dale Skeen, a board member and the company'se current chief executive. The new corporation will pay $2.765 per share for each of Vitria'es outstanding shares of common stock not held by Chanfgand Skeen. The purchase price represents a premium ofapproximately 4.7 percent over the averag e closing price of Vitria Technology's common stock on the 20 tradin g days ending Sept. 20. Based on about 24.
4 million shares outstanding that are not owned by the the deal is wortyhabout $67 million. The merger agreement has been approved by the boardes of Vitria and byand -- corporations formeds by Chang and Skeen. The company said the deal is the culminationb ofthe company's eight-month strategicc review, which included talkes with more than 55 possible buyers. Vitria'w stock fell 4.63 percentr in midday trading to Its 52-week range was from $2.
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