Cognos shareholders approve IBM takeover
Published: 16 Jan 2008 08:44 GMT
IBM's takeover of business-intelligence company Cognos is expected to close before the end of this quarter, after Cognos shareholders voted their approval of the deal on Monday.
The takeover deal was approved by 99.8 percent of the shareholders at the meeting or voting by proxy. Outstanding shares will be purchased by IBM at the price of $58 (£30) per share.
There is still one more hurdle before IBM can swallow Cognos: the approval of the deal by the Ontario Superior Court of Justice, which is expected to be sought today in Toronto.
IBM intends to integrate Cognos as a group, led by Cognos chief executive Rob Ashe, within its information-management software division, focused on business intelligence and performance management.
Credit: IBM's $5bn Cognos takeover approved from ZDNet Australia
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